Euro Futures Seen as Selling Opportunity After Hawkish Fed Speech

Federal Reserve Kevin Warsh's hawkish speech in Jackson Hole last week has rallied the U.S. dollar index ($DXY) and sunk other currencies, including the Euro.

The December Euro currency (E6Z26) futures are currently seen as a selling opportunity on more price weakness. Last week's price action negated a price uptrend, with prices closing at a technically bearish weekly low close on Friday.

The moving average convergence divergence (MACD) indicator has produced a bearish line crossover signal, where the blue MACD line crossed below the red trigger line.

According to Jim Wyckoff, a move in the December Euro currency below chart support at 1.1600 would become a selling opportunity, with a downside price objective of 1.1300 or below.