The euro zone PMI report was a happy surprise today, but the euro zone economy is still contracting - and investors are decidedly edgy about the euro.
Is the worst still ahead for the common currency?
"I still like selling it - you've just got to pick a level to get involved," says Andrew Busch, publisher of andrewbusch.com.
The key, Busch says, is the European Central Bank meeting coming up on Thursday.
There are hints the bank may intervene to buy Portuguese bonds, he told CNBC's Scott Wapner, and prices of those securities are rising.
But for the euro, "I also think there may be a rate cut, so I want to keep selling it until that meeting."
For that short-term trade, Busch recommends selling the euro against the dollar at 1.3075, setting a stop at 1.3125 and a target of 1.2925, for a three-to-one risk-reward ratio.
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