EUR/USD tumbles from horizontal resistance
EUR/USD has been losing ground from the crucial $1.1744 level yet again this week, with the pair breaking through trendline resistance in the process. Given the continued attempts to break through that level, there seems to be a growing chance that we will see a rally out of this period of consolidation.
With that in mind, the current pullback looks like a retracement of the $1.1620-$1.1746 rally. As such, look for potential long positions from the 61.8% and 76.4% retracement levels. A break below $1.1620 negates the triangle formation, but also negates the expectation of a bullish push back into $1.1744.