: The pair has halted its declines at the 1.2586 level and closed marginally higher on Wednesday.
A follow-through higher is now underway with risk of further bullish build-up towards its Aug. 18, 2010 high at 1.2921. Further out, there is resistance at the 1.3332 level. If there is a break there, it wuld resume its short-term uptrend towards its .50. Fib Ret (1.5143-1.1875 decline) at 1.3500 and then the 1.3691 level, its April 12, 2010 high.
Conversely, a fall below the 1.2586 level will call for more weakness towards the 1.2522 level, its July 13, 2010 high followed by its June 20, 2010 high at 1.2466.
Overall, with bull pressure developing, higher level prices are envisaged.
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.