EUR-USD Biased to Upside

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 immediate upside target for EUR-USD is 1.3387, where a violation will call for further strength toward the 1.3484 level.

As long as EUR can maintain above its broken resistance at the 1.3288 level, the above view remains intact. A breach of 1.3484 will pave the way for a move further higher toward its Dec. 2 high at 1.3547 and after that targeting its weekly 200 exponential moving average at 1.3642. Its daily Relative Strength Index is bullish and pointing higher supporting this view.

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Conversely, the risk to this analysis will be a return to the 1.3003 level traded the past week followed by the 1.2975 level. An eventual break of here if seen will push the pair further lower toward the Jan. 23 low of 1.2879.

All in all, EUR remains biased to the upside nearer term.

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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