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EUR/USD strengthening within triangle formation
EUR/USD sold off sharply from the crucial $1.1744 level last week, continuing the triangle formation that has been in play throughout July. With the 200-day simple moving average (SMA) up ahead, a break above that level would point towards a bullish start to the week, as the pair heads back towards the upper threshold of the triangle formation.
Ultimately, a break above $1.1744, or below $1.1574, would provide a breakout signal. Until then, the triangle remains key, with the price likely to head higher from here if the 200-day SMA is broken.
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