Intraday recovery off the 1.3529 level has seen EUR-USD strengthening higher today, but it continues to maintain a consolidative to corrective tone. Meaningful directional moves are now sought after as the pair is presently trading in a range between the 1.3838 and 1.3433 levels. A break either way is required to trigger the above-mentioned directional moves.

GBP-USD is slowly reasserting its corrective recovery, reversing its Thursday losses and trading above its minor resistance at 1.5129 today. Above there should target the 1.5150 initially and then the 1.5343 level, where a cap may be seen. Support lies at the 1.4975 level.

A sharp rally has seen USD-JPY breaking above the 89.69 and the 90.35 levels in today's trading session, increasing risk of a move higher toward its falling channel resistance at 90.98. A halt in price is expected at that level if tested.

AUD-USD is currently challenging the 0.9084 level after a rally saw it reversing its Thursday losses and testing a high of 0.9091 today. A convincing break and hold above the 0.9084/91 levels is required to trigger further upside gains.

EUR-GBP remains on the defensive following through lower on its Thursday gains today. Further downside risk continues to point toward the 0.8965 level. Above the 0.9148 level must be traded to reverse its current downside vulnerability.

USD-CAD remains weak and vulnerable as it was seen following through lower in continuation of its short-term declines triggered off the 1.0779 level. Risk remains for a decline toward the 1.0219/04 levels.

EUR-JPY has broken out of its range to the upside, rallying sharply higher through the 122.60 level to test a high of 123.31 today. On further strength, the cross should push toward the 124.52 level and possibly higher.
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.