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 (
) -- EUR/USD: With a build up on its past week gains now underway, we look for EUR to convincingly break and hold above the 1.4648 level. This will pave the way for further strength toward the 1.4681 level, its Dec. 12, 2010 followed by the 1.4800 level, its psycho level and possibly toward the 1.4902 level, its Dec. 6, 2009 high.
Its daily RSI is bullish and pointing higher suggesting further strength. The risk to this analysis will be a return below the 1.4519 level, its key support. This will bring further declines toward the 1.4327 level and afterward the 1.4146 level, its April 18, 2011 low.
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.