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

) -- EUR-USD: With the pair rejecting lower-level prices to close slightly higher Monday on a hammer-like candle pattern, it is following through higher in today's trading session. Risk of further recovery is now building up. If this is fully triggered, EUR should take back some of its recent losses and possibly target the 1.3799 level, its September 2011 high. A break through there will expose the 1.3936 level, its Sept. 09, 2011 high, where a halt is likely to occur and turn the pair back down.

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Alternatively, a return below the 1.3362 level, its September 2011 low, will call for further weakness toward the 1.3245 level, its Jan. 17, 2011 low. Further down, support comes in at the 1.3088 level, its Jan. 11, 2011 low. All in all, although presently trying to build up strength to recover higher, EUR maintains its medium-term bearish theme.

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.