EUR/USD Technical Update May 31 2013

EUR/USD Technical Update May 31 2013

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.

eurusd-triangle May 31 2013 technical analysis for currency trading forex outlook

Guest post by Nick Simpson of

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.