“But there is a technical pattern developing within the downtrend that may bode well or the Euro over the near-term,” according to See It Market. “As you can see, the Euro hit the lower channel support late last year and has rallied off those lows. The month of March is nearing an end and the Euro is trying to close above last year’s closing highs – above resistance. As well, the monthly momentum indicator is very oversold and at levels last seen 15 years ago.”

In March, there was a delayed reaction to the ECB’s latest euro weakening efforts. Making matters worse for euro bears, the Federal Reserve opted against boosting U.S. interest rates, helping support FXE in the process.

CurrencyShares Euro Currency Trust