Daily Technical Strategist: EURUSD
Tuesday, March 16, 2010
by Mohammed Isah of FXTechstrategy.com
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EURUSD: Consolidation With Upside Bias
EURUSD: The pair may have turned lower off the 1.3795 level, its Mar 12’10 high but continues to maintain its corrective to consolidation tone set from its 2010 low at 1.3433. This suggests that the mentioned decline is a correction of its move from the 1.3433 level to the 1.3795 level. With a bid tone now seen, a retarget of the 1.3795 level could be shaping up where a break will resume its corrective recovery and trigger further upside towards the 1.3838 level, its Feb 09’10 high. We may see a halt in price here turning the pair lower in line with its broader medium term downtrend. However, if that level fails, its Feb 03’10 high sited at 1.4025 will be targeted. On the downside, support lies at its 1.3638 level, its Mar 15’10 low with break shifting attention to its Mar 09’10 low at 1.3536 and ultimately the 1.3433 level, its 2010 low. On the whole, we continue to retain our corrective to consolidation view on the pair with eyes on the 1.3795 level and beyond.
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Mohammed Isah is a Technical Strategist and head of research at FXTechstrategy.com, a technical research website. He has been trading and analyzing the foreign exchange market for the past 7 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. Mohammed 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, Thestreet.com, MoneyShow, The Technical analysis of Stocks & Commodities Magazine, Businessinsider and FXstreet.com
At FXTechstrategy.com he writes daily and weekly technical commentaries on currencies and commodities which are offered to its clients. He provides full coverage of the forex market with specific daily focus on 7 currencies (EURUSD, GBPUSD, USDJPY, EURGBP, EURJPY, AUDUSD and USDCAD) and the Dollar Index utilizing various technical tools and strategies. He also covers the commodities market twice in a week focusing on in-depth technical developments in GOLD, CRUDE OIL, SILVER, CORN, WHEAT and CRB Index. 
