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December Euro currency (E6Z26) futures present a selling opportunity on more price weakness, according to Jim Wyckoff of Barchart.
The analyst identifies a specific technical trigger for the trade: a move below chart support at 1.1500. If that level breaks, Wyckoff projects a downside price objective of 1.1150 or below.
The recommendation follows a period of declining prices that recently reached a six-week low. Wyckoff points to the daily bar chart to show the trend is downward.
He also cites the moving average convergence divergence (MACD) indicator, which he describes as being in a bearish posture.
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