Euro Breaks Out

07/20/2009 1:46 pm EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

chart
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The euro has been forming a triangle since early June and today's action completes the formation. The upper boundary of the trading channel is in the 1.48-4900 area, which corresponds with the upside targets from the triangle formation. Initial support is at 1.4050 and stronger support resides at 1.3850.