Charts: Euro/Dollar Has Started Large Correction
The recent decline in the euro versus the dollar is the start of a larger correction and investors should sell any rallies in the currency cross, Roelof van den Akker from ING Wholesale Banking told CNBC Tuesday.
"We saw a trend change at the beginning of December… we believe this is the beginning of a somewhat larger correction in the euro/dollar after this fantastic bull run in 2009," Akker said.
The euro/dollar could test its "solid horizontal support area" between 1.37 and 1.35 and develop a "higher bottom," Akker said.
"We recommend selling the rallies towards the 50-day moving average line at 1.47 for the very short term," he added.
- Watch the video above to see Akker's views on the Xetra DAX.
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