Euro/dollar was hit hard by ECB president Mario Draghi. Can it go further below? The team at Citi sees one more leg down, explains and sets targets for its short EUR/USD position: Here is their view, courtesy of eFXnews: CitiFX Technicals retain its strongly bullish medium term view for the USD suspecting that we could see some more USD strength into the end of this month but that December could see this trade “flattening out”/ correcting before a resumption in January. Reflecting that in EUR/USD, Citi continues to hold the view that a move to the 200 month moving average around 1.223 before year end (possibly even next week) is a possibility. “The 200 month moving average has held all major corrections lower in EURUSD since 2005. While we do expect it to ultimately give way this time, we suspect that will be a 2015 story,” Citi argues. “For now we think there is the potential for one more low on EURUSD this year close to that average (1.2223) before a pause and resumption of the trade in 2015, as we saw in 1998-1999,” Citi projects. In line with this view, Citi maintains a short EUR/USD position from 1.2771 targeting 1.22. 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 Opinions share Read Next Chinese rate cut lifts AUD/USD from the lows Yohay Elam 8 years Euro/dollar was hit hard by ECB president Mario Draghi. Can it go further below? The team at Citi sees one more leg down, explains and sets targets for its short EUR/USD position: Here is their view, courtesy of eFXnews: CitiFX Technicals retain its strongly bullish medium term view for the USD suspecting that we could see some more USD strength into the end of this month but that December could see this trade "flattening out"/ correcting before a resumption in January. Reflecting that in EUR/USD, Citi continues to hold the view that a move to the 200 month moving average… 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.