How to Trade a Range Bound Euro
Amid all the European turmoil, the euro has been trading in a range, but this strategist expects that to change.
Amelia Bourdeau, director of foreign exchange at Westpac Institutional Bank, thinks that's about to change, and she has a plan.
Bourdeau notes that the euro is near the bottom of its recent range between 1.2450 and 1.2750, but says that "I just can't bring myself to buy it. I just don't want to be long euro into this EU leaders' summit Thursday and Friday."
Bourdeau thinks the news "will be frustrating" out of the European Union summit - certainly the forecasts ahead of time are glum - and she is expecting the euro to make a break to the downside.
She told CNBC's Melissa Leeshe wants to sell the euro on a break to 1.2440, setting a target of 1.2000 and a stop at 1.2580.
You can watch the discussion on the video clip.
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