Friday, May 07, 2010

Currency Shares Euro Trust (FXE) Record Volume For The Week

The Currency Shares Euro Trust (FXE) had one of its worst weeks in quite sometime losing 4.38% of its value from last Friday's close.  Volume was heavy setting the a new record for the week.

If you look at the above chart of FXE, you will see that this currency is now testing long-term support which comes in around the 123.50 to 125 area. Usually when a market is in an oversold position and is testing a support level for the first time, that level tends to hold causing some kind of a bounce in the market. Having said that, I will watch this market next week for signs of buying. What I am looking for is a reversal candle such as a bullish engulfment or a retest of the low followed by a rapid turn around. CurrencyShares Euro Trust (FXE) closed at 126.96 down 5.81 from last Friday's close.

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