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

) -- EURUSD: Price hesitation above its falling trendline continues to be seen suggesting how vulnerable EUR is at that level.The big challenge is for it to hold above its falling trendline and break and close above the 1.4534/19 levels. If this occurs, further strength will develop toward the 1.4696 level, its June 7, 2011 high. Further out, the 1.4938 level, its 2011 high comes in as the next upside target.

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Its daily RSI is bullish and pointing higher supporting this view. On the downside, the 1.4398 level comes in as the initial support with a loss of there allowing for a run at the 1.4256 level and then the 1.4053 level. A loss of there will target the 1.3837 level, its July 12, 2011 low and subsequently its March 6, 2011 low at 1.3751. All in all, having maintained above its falling channel, risk remains higher toward the 1.4534/19 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.