By Mohammed Isah of fxtechstrategy.com
: As momentum continues to build up on the back of its Monday rally through the 1.4926 level, EUR was seen testing the 1.5000 level in the U.S. session today. A firm break and hold above there will turn focus to the 1.5062 level.
was also seen challenging the 0.9307 level today after violating its key resistance located at 0.9275. Risk has now shifted to its YTD high at the 0.9327 level.
The outlook for
continues to point higher, having accelerated through key resistance at the 1.6692 and 1.6740 levels today. Although seen backing off higher prices, after testing the 1.6842 level, as long as the 1.6692 level holds as support, we still see further upside risk nearer term.
remains vulnerable to the downside as another intraday attempt at the upside failed, pushing the pair to a low of 89.72. Threats are seen toward the 89.16 level.
has created a scope for a move higher toward the 135.71 level, having rallied strongly today, taking back almost all of its last-week losses.
is now seen struggling to initiate higher recovery, having reversed its intraday losses off the 0.8896 level during the U.S. session. It was seen trading at the 0.8973 level at the time of this analysis. Immediate resistance lies at the 0.8998 level.
is now following through lower on the back of its past-week losses, trading as low as 1.0552 today. Further downside risk is seen toward the 1.0994 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 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.