Euro – Dollar Update

The CurrencyShares Euro Trust (Amex: FXE): 11:15 AM NYC time, January 5th: Just a quick update to my 1 December 2006 posting, noting the breakaway gap above 130 and subsequent follow through. After rallying to almost 134, the Euro eased into a tight, downward sloping handle for the next month, which takes us to where we are today: a retest of the 130 level. Aggressive traders could…

…reinitiate small long Euros positions around 130 (i.e. around now). It is early for large commitments, however, as the results of the test are not in yet and the Euro could fail still and fall back towards the 200-day EMA and/or the 125 level. Cheers!

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