EUR/USD heading into key support level
EUR/USD has been consolidating throughout the week, with the price moving back towards the crucial $1.1616 support level this morning. An hourly close below $1.1616 and $1.1625 support levels would complete a double top formation, with Fibonacci support levels subsequently coming into view.
On the flip side, the inability to break below this support level would point towards further consolidation. Whether or not we see that retracement, we would need a break below $1.1479 to negate the wider uptrend in play.