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Euro Forecast to Fall even Further versus US Dollar

Euro Forecast to Fall even Further versus US Dollar

David Rodriguez, Head of Product

Why and how do we use the SSI in trading? View our video and download the free indicator here

EURUSD – Retail FX traders have bought aggressively into recent Euro weakness against the US Dollar, and a contrarian view of ‘crowd’ sentiment leaves us watching for further EUR/USD declines. The key caveat is straightforward—the EUR has thus far remained above key support near seven-month lows of $1.09.

A sustained breakdown could ‘launch’ a much more important decline towards year-to-date lows and eventually decade-plus support near $1.05.

In the meantime we will keep a close eye on how the EUR/USD trades at key support levels, and as long as ‘the crowd’ continues to buy we will call for further weakness..

See next currency section: GBPUSD - British Pound Remains a Sell until this Changes

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.