The dollar plunged Wednesday, falling 3 percent against the euro, after the Federal Reserve signaled it could begin raising interest rates as early as June but slashed rate projections and downgraded its outlook for the economy. However, don't expect the euro-dollar trade to "keep ripping," widely followed investor Dennis Gartman told CNBC on Wednesday.
He predicted the euro won't go above $1.10 or $1.11.
"There are so many problems in Europe that are incumbent upon keeping the euro under pressure," the editor and publisher of The Gartman Letter said in an interview with "Closing Bell."
"This was an overwrought, overextended one-sided trade. People are getting taken out of their position but the long-term trend is still towards a weaker euro. Strength is to be sold."