Weekly Technical Strategist: EURUSD
Apr. 10, 2011 5:57 PM ET
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Seeking Alpha Analyst Since 2009
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,Thestreet.com 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 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.
EURUSD: Sees Strong Bullish Momentum, Set For More Gains
EURUSD: Having convincingly violated the 1.4248/79 zone and closed strongly higher to resume its long term uptrend, further strength is now envisaged in the new week. This should set the stage for a run at the 1.4576 level, its Jan 2010 high with a break of that level targeting the 1.4902 level, its Dec 06’2009 high. Its weekly RSI remains bullish and pointing higher supporting this view. Alternatively, support starts at the 1.4411 level followed by the 1.4266/79 levels. We expect the latter zone to reverse roles as support if tested and then turn the pair higher. Other supports are located at the 1.4103 level followed by the 1.3852 level, its Mar 15’2011 low. All in all, EUR is now set to strengthen further on the back of its past week strong rally.
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