EUR-USD: The pair may have turned lower off the 1.3795 level, its March 12, 2010 high, but it continues to maintain its corrective-to-consolidation tone set from its 2010 low at 1.3433.

This suggests that the mentioned decline is a correction of its move from the 1.3433 level to the 1.3795 level.

With a bid tone now seen, a retarget of the 1.3795 level could be shaping up where a break will resume its corrective recovery and trigger further upside towards the 1.3838 level, its Feb. 9, 2010 high.

We may see a halt in price here turning the pair lower in line with its broader medium term downtrend. However, if that level fails, its Feb. 3, 2010high sited at 1.4025 will be targeted.

On the downside, support lies at its 1.3638 level, its March 15, 2010 low with a break, shifting attention to its March 9, 2010 low at 1.3536 and ultimately the 1.3433 level, its 2010 low.

On the whole, we continue to retain our corrective-to-consolidation view on the pair with eyes on the 1.3795 level and beyond.
Mohammed Isah is a technical strategist and head of research at, 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 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 At, 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.