EUR-USD: Shifting to Upside - TheStreet

EUR-USD: Shifting to Upside

The pair has reversed its decline and is moving to the upside.
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The

EUR-USD

may have triggered a corrective recovery as it has halted its broader declines started from the 1.5143 level in today's trading session. That leaves risk for further upside move towards the 1.3747 level and then the 1.3832 level. These key levels if tested are expected to reverse roles and provide resistance thereby turning the pair back down again.

The

GBP-USD

is holding off downside prices nicely as it recovered from its intraday low at 1.5532 level to trigger corrective recovery to as high as 1.5658 today. With a potential hammer now seen, a positive daily close today will mean a temporary base is forming suggesting more corrective upside in the days ahead.

The

EUR-GBP

has reversed most of its intraday gains to as high as 0.8797 today backing off the 0.8793 level and increasing the chance of a return to the 0.8685 level ahead if the 0.8601 level.

The

USD-JPY

remains vulnerable to the downside although it is trading flat and is holding slightly above the 8912 level as the time of this analysis. We look for the pair to weaken through there and target its strong support at the 88.30 level.

The

AUD-USD

is strengthening on the back of declines off the 0.9404 level as well as its rejection candle printed on Friday. If maintained, the current recovery should target the 0.8733 level and possibly the 0.8779 level. A combination of the two should provide strong resistance and turn the pair back down in line with its broader weakness.

The

USD-CAD

has backed off higher prices and risks further weakness to its past week low at the 1.0544 level. This is coming on the back of its Friday failure at the 1.0751 level.

The

EUR-JPY

is also trying to initiate a recovery higher as it has halted its recent declines and triggered higher prices today. We look for a build up on its present strength if a positive daily close is seen today.

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.