Not a great deal going on out there at the moment. EURUSD drifting a little higher but needs to hold above 1.2940/50 to take the focus off the lower levels. As the hourly EURUSD charts shows there is a nice little triangle forming (indicated by the light blue lines), the only question is which way do we break?
I am going to hang my hat on a break to the topside given that the upward sloping channel on the daily chart dating back to October 2008 is still in play so i shall give it the respect it deserves. A break higher would bring the 1.3410 level back into focus, a break of which will be the catalyst for a move back to 1.5000 later in the year.
