Charts: Euro to Fall Further Toward $1.15

The euro is set to continue its recent sharp declines against the dollar and could fall to between $1.18 and $1.15, Roelof van den Akker, senior technical analyst from ING Commercial Banking told CNBC Tuesday.

The euro has now broken below last year's low, which confirms the "longer-term downtrend," van den Akker said.

"Rebounds within the downtrend are very short-lived and we recommend selling each rally towards $1.2460 to $1.2560," he said, adding that the range is a "strong horizontal resistance."

The short-term price target for the euro versus the dollar is $1.20, but the pair will make "an important bottom between $1.18 and $1.15," he said.

- Watch the full interview with Roelof van den Akker above.

For the Investor:

• March 2009 Lows Will Be Tested: Strategist
• Twenty Stocks Set to Gain from a Weaker Euro