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EUR/USD regaining strength following sharp sell-off
EUR/USD managed to tumble sharply from the key resistance level of $1.1774 yesterday, bringing the price below $1.1654. That break below near-term support raises the likeliness of a further drop, towards the bottom boundaries of this symmetrical triangle formation.
A break through $1.1774 (bullish) or $1.1574 (bearish) would dictate where the breakout from this pattern will go. Until then, it makes sense to play the triangle. In the near term, there is a good chance we will see some form of rebound to retrace some of yesterday’s losses.