EUR-USD Pushes Toward Sept. 15 High

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) -- Having decisively violated the 1.3690 level, risk of further run to the upside is now building up.

The 1.3937 level, its Sept. 15 high will come in as the next upside target with a violation of there allowing for a further push higher toward its big psychological level at 1.4000. Price hesitation should occur here on an initial test. Its daily RSI is bullish and pointing higher supporting this view.

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On the downside, the risk to this analysis will be for the pair to return below the 1.3144 level annulling its corrective attempt and then targeting the 1.3000 level, its big psychological level. Price hesitation ahead of or at this level could occur and turn the pair back up, but if taken out, further weakness should shape up toward the 1.2875.

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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