EUR-USD: More Gains Seen

By Mohammed Isah of fxtechstrategy.com

NEW YORK ( fxtechstrategy.com) -- The euro-dollar currency pair (EUR-USD) made a strong bullish offensive this week, taking out its Dec. 14 high at 1.3494.

As long as the pair can hold at more than 1.3494 it should target the 1.3785 level.

Further out, the currency pair's Nov. 8 high at 1.4083 level will come in as the next upside objective. A violation of this level would leave the euro-dollar targeting the 1.4281 level that was reached in early November.

The pair's relative strength index is bullish and pointing higher, supporting this view.

In order for the euro-dollar to cancel its current bullish tone, it would have to break and hold at less than 1.2874. This would bring further weakness toward the 1.2713 level and possibly lower toward 1.2600 and then 1.2500.

Overall, the euro-dollar currency pair is likely to see more gains after it continued to build on its strength this week.

--Written by Mohammed Isah.

>To contact the staff member responsible for this article, click here: Ross Snel.

>To follow the writer on Twitter, go to http://twitter.com/fxtechstrategy.

>To submit a news tip, send an email to: tips@thestreet.com.

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.

More from Currencies

Bitcoin Today: Prices Continue to Slump Heading Into Weekend

Bitcoin Today: Prices Continue to Slump Heading Into Weekend

Bitcoin Today: Prices Continue Skid Toward $7,000 as DOJ Launches Investigation

Bitcoin Today: Prices Continue Skid Toward $7,000 as DOJ Launches Investigation

Bitcoin Today: Prices Plummet Below $8,000 in Market Downturn

Bitcoin Today: Prices Plummet Below $8,000 in Market Downturn

Bitcoin Today: Prices Slip as Broader Crypto Market Struggles to Make Traction

Bitcoin Today: Prices Slip as Broader Crypto Market Struggles to Make Traction

Bitcoin Today: Prices Attempt to Recover From One-Month Lows

Bitcoin Today: Prices Attempt to Recover From One-Month Lows