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 EUR-USD pair continues to retain its vulnerability to the downside as risk of further weakness is now seen.

This leaves risk to the downside toward the Feb. 6 low of 1.3026. Further down, support stands at the 1.2975 level where a breach will set the stage for declines toward the Jan. 25 low of 1.2930. Its daily RSI is bearish and pointing lower supporting this view.

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On the other hand, EUR will have to break and hold above the 1.3484 level, its Dec. 5 high, to resume its uptrend. This will call for a push toward its Dec. 2 high at 1.3547 where a breach will target its weekly 200 exponential moving average at 1.3642.

All in all, EUR faces further downside pressure on continued corrective pullback.

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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