With the all-powerful dollar rally stalling, speculators will be questioning whether there is any further profit to be had in betting the euro will continue to climb higher against the dollar.
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Strategists at Bank of America Merrill Lynch Global Research have given advance warning that the downtrend in the euro dollar exchange rate is about to resume.
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The outlook for the euro has improved somewhat with regards to the Greek debt crisis, however the shared currency’s strength remains vulnerable on a technical basis.
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Those expecting the current cycle of euro weakness to push the EUR/USD rate below 1:1 could be wrong.
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Forecasts for the euro to dollar exchange rate issued at the start of the new week confirm strategists continue to maintain a negative approach towards the shared currency.
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A new euro to dollar exchange rate forecast suggests that the shared currency will stabilise around parity.
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The dollar rally was relentless over the final trading day of the previous week as short traders pushed the EUR-USD below the 1.0600 level.
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