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Positions in Europe: Short FXE

Off of a bounce towards our immediate term TRADE resistance line of $1.25 Keith shorted the EUR/USD via the etf FXE in the Hedgeye Virtual Portfolio as we’re looking for the cross to test $1.22 on the downside. As we show in the chart below, our TRADE and intermediate term TREND levels of support are both at $1.22. Our call remains that if $1.22 breaks, look out below! We’re not EUR parity folks because we see Eurocrats stepping in to prevent it; however we see a runway of uncertainty until the June 17th Greek elections that should put significant downside risk in play.

Shorting EUR/USD (FXE): Trade Update - 11. eur

This cross remains incredibly shifty driven on the backs of Eurocrat posturing, including on the main topics of Eurobonds, a Pan-European Deposit Guarantee facility, another LTRO, and the reach of the ESM. We’ll be highly sensitive to price as we manage risk around this position. 

Matthew Hedrick

Senior Analyst