EUR-USD: More Weakness Likely

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK ( fxtechstrategy.com) -- The euro-dollar currency pair (EUR-USD) followed through lower this past week and is expected to see more weakness in the coming week.

The pair will target the 1.3300 level first and then 1.3245, its Jan. 17 low. The next target after that would be the big support level at 1.2874, the pair's January low.

The euro-dollar currency pair has been under intense pressure since it tumbled from the 1.4938 level in May.

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The weekly studies are bearish and pointing lower, suggesting further weakness.

In order to reduce its present weakness, EUR-USD must breach 1.3799, its September high. After that, the next target would be 1.3835, but that level would most likely turn the pair back down in the direction of its medium-term weakness. Further out, resistance lies at 1.3936, the pair's Sept. 9 high.

-- Written by Mohammed Isah.

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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.