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.
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