By Mohammed Isah, technical strategist and head of research at FXTechstrategy.com
is now seen reversing sharply lower following its failure at the 1.3811 level during the U.S. session today. This price development has turned focus to the 1.3620 level and then its 2010 low at 1.3584.
is almost reversing its entire recovery gains and now threatens its 2010 low at 1.5532. A break of there will resume its broader weakness toward the 1.5400 level and then the 1.5351 level. Above the 1.5763 level must be traded to reverse its current weakness.
Though also weakening
is still holding on to a larger part of its recovery gains, but remains vulnerable to the downside toward the 121.55 level.
Hesitation remains the order of the day as
continues to fail on upside attempts and now looks susceptible to the downside. Downside risk is seen toward the 0.8731 level.
is also not left out of our model weakness as it is presently seen targeting its minor support at the 0.8708 level, where a break will expose the 0.8611 level.
is currently maintaining a marginal gain after reversing strongly from its intraday low of 1.0624 during the U.S. session today. The pair still remains vulnerable to the downside while trading below the 1.0779.
is also holding on to marginal gains following a reversal of its intraday gains during today's trading session. Further upside risk could shape up toward the 91.27 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 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.