The euro continued its decline Tuesday, falling to its lowest level since late April as investors anticipate further easing from the European Central Bank as well as a Federal Reserve rate hike next month. The common currency is now down more than 6 percent in the past month, and according to one technician, a retest of the euro's 2015 low could soon be in the cards.
"The euro is in a significant decline and I think that trend will continue," Todd Gordon said Tuesday on CNBC's "Trading Nation." The euro has fallen sharply against the backdrop of a strong dollar the last two years, down more than 21 percent.
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According to Gordon, as uncertainty over the state of the euro zone's economy continues to rise, so does the possibility of more stimulus. Which, coupled with what could be the first U.S. interest rate hike in more than nine years, will point to a lower euro. "The divergent monetary policy will lead to U.S. dollar strength and euro weakness," he said.
From a technical standpoint, the TradingAnalysis.com founder said the euro chart is vulnerable. "If you draw a support line connecting the lows in 2015, you can see that is now broken," he said. Gordon noted that the prior support should serve as resistance going forward, which will continue to put pressure on the currency. "It looks like the euro should continue to the downside."
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Gordon eyed the euro's March 2015 low of $1.046 as the next level of support. Roughly 2 percent lower than its current price of $1.064.
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