EUR-USD: Pressure at 1.2967 Level and Beyond

By Mohammed Isah of FXTechstrategy.com

EUR-USD: Our call for a recapture of the 1.3055 level, its Dec. 23, 2010 low, continues to play out, as the EUR declined sharply on Thursday. On further weakness, the pair should target the 1.2967 level, its November 2010 low. Below that level will call for more downside toward the 1.2713 level and subsequently the 1.2600 level. Its daily RSI is supportive of this view.

Conversely, EUR will have to climb back above the 1.3494 level to annul its present weakness and target the 1.3785 level with a loss of there exposing the 1.4281 level traded in early November 2010. All in all, with the EUR turning lower ahead of the 1.3494 level and continuing down, risk of further declines is likely.

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.

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