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EURUSD: Backs Off Higher Prices, Eyes The 1.2132 Level.

EURUSD: With a negative close registered the past week, the pair remains vulnerable to the downside in the new week. This will leave EUR eyeing the 1.2132 level where a violation will aim at the 1.2040 level. Below here if it materializes should target the 1.2000 level, its big psycho level. We expect EUR to face price hesitation ahead of or at this level. In such a case, it could see it back off higher but if that level is breached, the pair should weaken further towards the 1.1950 level. Conversely, a return above the 1.2407 level will have to occur to reverse its present weakness and trigger further upside. Further out, resistance lies at the 1.2482 level, its .618 Fib Ret. All in all, EUR continues to hold on to its broader medium term weakness.

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About the Author

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,Thestreet.com, The Forex Journal Magazine, and The International Business Times etc.

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.

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