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EUR/USD drifting lower from triangle top
EUR/USD has been drifting lower since Monday’s peak, with the price having pushed into trendline resistance. The rally through $1.1744 could have significant implications going forward, yet for now the pair seems set for the lower boundaries of the triangle.
A rally up through $1.1717 could pave the way for another challenge of the upper end of this pattern. However, we would be looking for a break above $1.1745 to signal a bullish breakout for the pair. Until then, further downside seems likely to continue this triangle pattern. With the European Central Bank (ECB) due to release their latest monetary policy decision tomorrow, we are likely to see market positioning shift ahead of that announcement.