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Dollar Could Fall to All-Time Low vs Euro
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Euro strength is far from over and the dollar could fall to an all-time low against the bullish currency, Phil Roberts, technical analyst from Barclays Capital, told CNBC.
"We believe that the risks for euro/dollar are that it's going to push to a new high. Euro strength is by no means a finished story," Roberts said Thursday.
The euro has been in a well defined upward trend against the dollar since March this year and that "doesn't look like it's over," he said.
"I'm looking at a euro that still looks very strong, or if you like a dollar that still looks very weak," Roberts added.
In recent days the dollar gained some ground against the euro, but the U.S. currency now looks overbought versus and is starting to turn bearish, he said.
"It looks like this is ready to takeoff again to the upside," Roberts said while looking at a chart of the euro against the dollar.
There is a near-term barrier of 1.4970 euros, which could cause resistance, he added.
- Watch the full interview with Phil Roberts above.
For the Investor:
- Market Tips: All Is Not Well with This Rally
- This Bear-Market Rally Has 'Turned': Elliot Wave Analyst
Data is a real-time snapshot *Data is delayed at least 15 minutes
