The euro on Friday was headed for a 10th straight loss against the U.S. dollar, and investors are taking notice as the shared currency extends its longest losing streak since its inception.
The path for the euro doesn’t look much rosier in the short term, with an Italian referendum and the prospect for further monetary stimulus from the European Central Bank among its potential hurdles.
The euro EURUSD, -0.3388% on Thursday marked its ninth straight decline against the greenback, the longest string of losses since the euro started trading December 1999. It hit an intraday low of $1.0582 on Friday, and that followed Thursday’s dip below $1.06.
On a technical basis, the market is looking pretty stretched now. However, the momentum is very strong against the euro at the moment. As exactly how long it will continue, that remains to be seen,” said Richard Perry, market analyst at Hantec Markets.
The euro EURUSD, -0.3388% on Thursday marked its ninth straight decline against the greenback, the longest string of losses since the euro started trading December 1999. It hit an intraday low of $1.0582 on Friday, and that followed Thursday’s dip below $1.06.
On a technical basis, the market is looking pretty stretched now. However, the momentum is very strong against the euro at the moment. As exactly how long it will continue, that remains to be seen,” said Richard Perry, market analyst at Hantec Markets.
He said the next level to watch is $1.0538 as that is the December 2015 low. The $1.0456 level is the March 2015 low and that “is a massive, massive support [area]. If that goes, then you’re looking at parity.”
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