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

) -- Having continued to weaken against the dollar on correction and threatening the 1.4282 level, the euro could face more bear threats in the days ahead.

However, if it can hold above the 1.4242 and the 1.4142 levels, upside risk will shape toward the July 3 high of 1.4578. An eventual violation of that level will target its June 7 high of 1.4696 level.

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Further out, the 2011 high of 1.4938 is the next upside target.

Conversely, the risk to our analysis will be a continued weakness and a return to the 1.3837 level where a decisive break will resume its short-term weakness toward the March 6 low at 1.3751. Further support lies at the psychological 1.3700 level.

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.