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Euro Currency Futures Analysis With Chart



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Continuing with the theme of volatility, US equity futures are back down this morning on enhancing fiscal cliff concern, couple with worries of global growth.  The DEC12 emini SP futures contract is slightly negative, down 3 points.  The energy markets are also experiencing some selling, with crude oil futures down 93 cents, or 1 percent. Heating oil futures are down around 1.46 percent this morning. Heating oil is now at the lower end of its recent range. As we have noted, our major line in the sand for the DEC12 emini SP futures is 1420. Fundamental concerns are really paramount at this point, with the daily focus on fiscal cliff discussions along with the continuing Europe question mark.

Other commodities are also down today, such as gold and silver. Silver is actually down over 2 percent this morning, while gold is down around 1.24%. We have noticed volatility picking up in these markets since the beginning of November. And after holding above 1600 for a few trading session, Platinum is back down today, trading at around $1585, down 1.74%.

In the currency world, the Aussie dollar futures have had a nice rally this morning after an RBA interest rate cut. The AUD futures are up .58, or .56 percent. This market has been in a steady uptrend since early October, and we believe this trend will continue with the Aussie dollar rising above 1.05. We focus more on the Euro currency futures today. Even with its recent rally, the Euro is still in a range between 1.28 and 1.32.  Our line in the sand pivot point is 1.27. Since August, the Euro has been rallying from its recent low of 1.22, as Greece prepares to launch its debt repurchase program. However, this uptrend may slow down if the next ECB meeting results in another rate cut. The US dollar index is now trading below the key 80 level.

Euro Currency chart

Euro Currency chart

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