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EUR/USD falls into critical breakout support level
EURUSD seemingly left behind the triangle formation of old, instead focusing on the two key breakout points of $1.1745 and $1.1575. It is the latter which is now coming into question, with a break below this level pointing towards a potential bearish extension from here.
With that in mind, watch for how EUR/USD reacts at this level as a determinant of future price action. An hourly close below $1.1575 would point towards a bearish breakdown from here. Otherwise, watch for a potential rebound to continue the wider consolidation that has been in place over the past month.