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 (
) -- The euro-dollar currency pair (EUR-USD) may have closed lower at the end of the week after it failed to hold above the 1.4253 level, but as long as the pair remains within its established rising channel on the daily chart, its broader bias remains higher.
This development suggests the euro-dollar pair may face further bear threats in the coming week. But the currency pair should eventually recapture the 1.4248/1.4279 levels with a loss there leaving it to target the 1.4576 level and even the 1.4902 level.
Alternatively, its channel support at 1.3970 comes in as the next downside objective. A halt is expected to occur there.
Further down, support lies at the 1.3852 level, the pair's March 15 low, with a breach of that level allowing for more declines towards the 1.3754 level. A halt in declines is likely at this level if tested. However, its clearance will pave the way for a move lower toward the Feb. 28 low at 1.3710.
--Written by Mohammed Isah.
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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.