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EUR/USD Rises Towards 1.4500 Resistance

EUR/USD (daily chart) as of Wednesday (6/29/2011) has consolidated in a triangle pattern with its high at the early May 1.4940 high and its low at the late May 1.3970 low. Price action within this triangle has displayed a true converging consolidation with price making progressively lower highs and higher lows. For the past three days, price has been climbing substantially, and is now approaching key resistance. For more EUR/USD forex technical analysis, please click here.

James Chen, CTA, CMT
Director of Technical Research and Education