Strategists: Time to Fade the Euro's Move
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The euro's had quite a run this week, and these strategists say it's time to bail.
Maybe it was a short squeeze, or maybe it was genuine optimism about a euro debt deal. Whatever the reason, the euro's had a great week. Now, though, it's time to fade the move, says Greg Troccoli, founder of The Chart Lab.
Troccoli told CNBC's Scott Wapner that he believes the euro has a trading range set up between 1.40 and 1.35, and he recommends selling the euro against the dollar right around current levels, roughly 1.3863, with a stop at 1.4005 and a target of 1.3510.
"I just think the euro overextended itself on a trade here recently," he says. "It's way too steep the way we rallied here."
Brian Kelly of Shelter Harbor Capital is also negative on the euro, but for different reasons. Kelly has been looking at potential debt-crisis solution terms, and he views them as "a complete disaster." Kelly predicts that "You'll see a flight from the euro zone," and says he sold euros this morning.
You can watch the whole discussion on the videotape.
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