EUR-USD Still Recovering Despite Hesitation

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK (fxtechstrategy.com) -- Although the euro halted its recovery against the U.S. dollar from 1.3003 on Tuesday, closing lower, it remains biased to the upside.

As long as EUR-USD can maintain above its broken resistance at the 1.3288 level, it should eventually return to the 1.3483 level. A breach there will pave the way for a further climb toward its Dec. 2 high at 1.3547, with price extension targeting its weekly 200 exponential moving average at 1.3642.

Follow TheStreet on Twitter and become a fan on Facebook.

Conversely, the risk to this analysis will be a return to the 1.3003 level traded the past week followed by the 1.2975 level. A break there would push the pair further lower toward the Jan. 23 low of 1.2879. Further down, support lies at the 1.2620 level.

All in all, EUR remains biased to the upside on correction.

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.