On June 10, 2023, it was noted that the Euro was expected to move above 1.14 before starting a decline. Weekly intermarket futures trading data calculations from July 18, 2023 indicate the Euro moved within 1% of its peak and is currently in a structural position similar to where it was on December 9, 2020. A long term decline is expected to commence for the Euro as traders start moving into U.S. Dollars. During the Euro’s decline traders will also shift into U.S. Dollars as they move out of currencies that include the British Pound, Canadian Dollar, Japanese Yen and Swiss Franc.
Stock chart courtesy of StockCharts.com.
