CurrencyShares Euro Trust (FXE) $128.50 +0.93%

| November 23, 2012 | 0 Comments More

CurrencyShares Euro ETF (FXE) adds $1.09 to $128.41 after the euro added more than 100 pips against the dollar since Wednesday and EUR/USD now trades at 1.293. Early options trades on FXE include a Dec 129 – 130 call spread at 20 cents, 347X, on ISE. An investor sold the spread, to open, according to data from ISEE. The spread has traded 1055 so far on ISE and about 1500X across all the exchanges. If so, the action seems to reflect expectations for limited upside in the euro, possibly a bet the currency will struggle to breach a previous support/resistance level at 1.30 against the buck.

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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.