An initial look at the monthly chart for the euro (EURUSD) shows it posted a bearish outside month during January, setting the stage for an extension of the major (long-term) downtrend that has been in place since a bearish spike reversal during January 2021. However, the euro finished January 2022 on a bit of a strengthening spree, setting the stage for possible consolidation within the January range for the coming months. Monthly stochastics well below 20% show the euro remains sharply oversold, though this has not been enough to pull long-term buyers back to the currency. The bottom line is there still has not been a clear long-term buy signal meaning investors are likely still short the euro.