EUR/USD - Tentative Triangle Breakout

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EUR/USD - Tentative Triangle Breakout

By James Chen on June 23, 2009 | More Posts By James Chen | Author's Website

Price action on EUR/USD, a daily chart of which is shown, has tentatively broken out above the top border of a triangle consolidation that it has been entrenched in for the past several weeks. This triangle/pennant-type formation follows clear uptrend price activity since late April. Therefore, any follow-through on the current breakout would confirm the triangle as a clear continuation pattern. In the event of this continuation, the major upside resistance target would be a potential re-test of the 1.4335 uptrend high.

In the event that this triangle breakout proves to be a false break, downside support continues to reside in the 1.3750 support/resistance price region.

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