EUR/USD - Top of Major Triangle

Price action on EUR/USD, a daily chart of which is shown, made a substantial bullish move as of Wednesday (7/15/2009) morning, but is still in an overall continuing consolidation. This consolidation has taken the form of a triangle pattern, where price has just reached the upper triangle border for a third touch. Any breakout to the upside of this triangle should meet immediate resistance in the 1.4200 region, the level of the last significant high within the consolidation. And any subsequent breakout above that level should easily target major resistance at around 1.4335, the level of the uptrend high and the very top of the triangle. Strong downside support on any subsequent breakdown below the triangle pattern continues to reside in the 1.3750 price region