Currencies

EUR-USD: Recovering to 1.2921 Levels

 

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EUR-USD: With a rally seeing the pair pushing above its minor resistance at the 1.2770 level, its Aug. 27, 2010 high, recovery strength could be developing toward its Aug. 18, 2010 high at 1.2921. Further out, resistance is located at the 1.3332 level, with a break resuming its short-term uptrend toward its .50. Fib Ret (1.5143-1.1875 decline) at 1.3500 and then the 1.3691 level, its April 12, 2010 high.

Conversely, if weakness is seen at the 1.2586 level, its Aug 24, 2010 low will be targeted followed by the 1.2522 level, its July 13, 2010 high. Further weakness, if seen, will aim at its June 20, 2010 high at 1.2466 and possibly lower. Overall, with bull pressure developing again, higher-level prices are seen.

--Written by Mohammed Isah

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Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.

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