EURUSD has seen a strong breakout above the triangle consolidation pattern as per the attached H4 chart.
This has resulted in a break above the 1.3000 round number area and the 50% retrace level.
Price is currently consolidating around the 1.3040 area – around 20 pips under the 61.8% Fibonacci retrace level.
Guest post by Nick Simpson of www.forex-fx-4x.com
The above comes as the USDX is trading around the 83.00 handle, after seeing a break under the key 83.50 area prior resistance level for the dollar index.
We will be monitoring the price action around 1.3000 and the upper trend line, should the euro drop lower over the coming sessions.
For more, see the EURUSD forecast.