The euro is set to remain weak against the dollar as the currency wipes out nearly all the gains it built during 2009, Royce Tostrams, technical analyst from Tostrams Groep told CNBC Friday.
"The euro has nearly come full circle. It will end where it has started last year – at least at $1.2880 or maybe $1.2400," Tostrams said. "The downtrend is still in tact and has been proved this week."
The euro could also continue its decline against the yen as it has fallen below its February lows of 134.50 yen and the next "downside target" is 128.80 yen, Tostrams said.
"Traders we believe should sell any recovery of the euro/yen, but especially if the currency hits its previous support of 127 (yen)," he said.
- Watch the video above to see Royce Tostrams' predictions for the dollar versus the yen.
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