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 (
) -- The euro-dollar currency pair continues to hold its bullish tone as it looks to retarget further upside gains.
As long as EUR-USD continues to hold and trade above its key support at 1.3322, the risk remains to the upside for a run at the 1.3484 level, the currency pair's Dec. 5 high.
A cut through there will lead to a push toward EUR-USD's Dec. 2 high at 1.3547, where a breach will leave the pair to target its weekly 200-day exponential moving average at 1.3642.
On the downside, the threat to this analysis will be a return to 1.3322.
A reversal of roles as support is likely to occur here, but if that level fails, the pair will target 1.3026, its Feb. 6 low.
Further down, support stands at 1.2975, where a breach will set the stage for further declines toward 1.2930, the pair's Jan. 25 low.
All in all, the medium-term trend remains higher with further strength envisaged.
-- Written by Mohammed Isah
>To contact the staff member responsible for this article, click here:
>To follow the writer on Twitter, go to
>To submit a news tip, send an email to:
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
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.