Three to Watch

The rate cut in Europe has done a brutal nay-say on the euro currency for the day. The daily chart just lost a huge bullish support trend line with today's move lower. Some folks may be tempted to try scalping this move lower on the CurrencyShares Euro Trust (FXE), but I would be careful. The last two times the FXE tested the bottom of the Bollinger band, it did bounce, but note on both those instances it had the support of the trendline. Also note the CCI read less than -150 and we aren't anywhere near that today. I suspect the FXE could be headed into the $128-$130 area, so I am in no hurry to buy the dip.

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