The euro lost a lot of ground against the dollar, and we’re reporting quite a few breaks to multi-year lows. Yet it is also marking a big and conclusive break on the long term charts. The team at Citi explains: Here is their view, courtesy of eFXnews: The December close saw unequivocally bullish technical developments for the USD and this was particularly seen in EUR/USD, notes CitiFX. “EURUSD remains firmly in a downtrend and has posted a monthly close below the 200 month moving average (1.2234). This is the first monthly close below the moving average in over a decade, constituting a serious bearish development and suggesting further material losses in 2015,” Citi clarifies. “Our EURUSD outlook also follows closely the pattern seen into the end of 1998 and the subsequent move in the first half of 1999 . That would suggest that a move towards 1.10 in EURUSD in the first half of 2015 is very possible,” Citi projects. “For only the 2nd time in the history of floating exchange rates we are looking at a bearish outside YEAR in EURUSD. If we were to see a dynamic similar to the above next year it would suggest that EURUSD could trade below parity before the end of 2015,” Citi argues. In terms of support levels below the 200 month moving average which may be relevant in the near future, Citi points to the 2005 low at 1.1640. For lots more FX trades from major banks, sign up to eFXplus By signing up to eFXplus via the link above, you are directly supporting Forex Crunch. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam EUR/USD DailyForex News Today: Daily Trading News share Read Next EUR/USD crash explained, FOMC minutes rundown, US jobs and Yohay Elam 8 years The euro lost a lot of ground against the dollar, and we're reporting quite a few breaks to multi-year lows. Yet it is also marking a big and conclusive break on the long term charts. The team at Citi explains: Here is their view, courtesy of eFXnews: The December close saw unequivocally bullish technical developments for the USD and this was particularly seen in EUR/USD, notes CitiFX. "EURUSD remains firmly in a downtrend and has posted a monthly close below the 200 month moving average (1.2234). This is the first monthly close below the moving average in over a decade,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.