Don't look for the euro to stay around $1.30 for long, says Ken Jakubzak of KMJ Capital, a $10 million Chicago-based trading firm. The euro closed 2011 at $1.2960; it recently hit an intraday low of $1.2951. From a technical perspective, the euro failed to break through key resistance Wednesday, making a bearish triple-top formation, Jakubzak says. The currency broke through support at $1.2980, and Jakubzak says he will add to his short position once the currency falls through the $1.2960 level, which it did in the past few moments. Charts show final destination for this move is $1.26, Jakubzak says.
Find us on Google+
No comments:
Post a Comment