By Mohammed Isah of

EUR-USD: Our bias on the currency pair remains for consolidation or correction, although its close on Friday may have signaled risk of further declines toward the 2010 low at 1.3433.

That level preserves the consolidation bias mentioned above, but if it snaps, the pair will resume broader medium-term weakness triggered off the 1.5143 level in November.

This will expose the June 3 low at 1.3211 and then the big psychological level of 1.3000.

If the 1.3433 level holds, however, we should see the continuation of the pair's consolidation. Upside targets would be the March 15 low at 1.3638, the March 17 high at 1.3816 and the Feb. 9 high at 1.3838. A loss at the latter level would create the possibility for further upside gains toward the Feb. 3 high at 1.4025.

In summary, we retain our corrective/consolidation view on the pair with the risk being a break and close below the 1.3433 level.
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.