EUR-USD: More Strength 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) -- Following a third week of gains, the euro-dollar currency pair is expected to see further bull pressure toward the 1.3483 level.

A breach will pave the way for a move further higher toward 1.3547, EUR-USD's Dec. 2 high.

A violation of that level will leave the pair to target its weekly 200-day exponential moving average at 1.3642.

EUR-USD's weekly relative strength index is bullish and pointing higher, supporting this view.

Conversely, the risk to this analysis will be a return to 1.3003, the euro-dollar's March low, followed by the 1.2975 level.

If the latter level is broken, EUR-USD likely will move lower toward 1.2879, the pair's Jan. 23 low.

Further down, support lies at the 1.2620 level. All in all, however, EUR remains biased to the upside.

-- 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.

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