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 (
) -- With the euro-dollar currency pair (EUR-USD) breaking and holding above its falling trend line, the risk of further gains is now seen toward 1.4534/1.4519.
A decisive penetration of that level will call for a run at 1.4696, the June 7 high.
Further out, the 2011 high at 1.4938 would come in as the next upside target for the EUR-USD.
On the downside, 1.4256 comes in as initial support, with a violation of that level allowing for further weakness toward 1.4053. A loss there would target 1.3837, the pair's July 12 low, and then the euro-dollar currency pair's March 6 low at 1.3751.
-- Written by Mohammed Isah
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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.