Have a look at my posts of a month ago where I called the buy out of 'support'.
At the time I was looking for a triangle correction for EURUSD which is still very likely. Nevertheless key to understand is that a triangle tends to move closer and closer around the triangle base line before it breaks out of the triangle by means of a strong move.
This base line is therefore a crucial area especially since we are getting closer and closer to the point of a break out.
Below you see how I traded this in the recent past from the 15min time frame.
So what you should always look for is a rational entry with a rational stop loss. I'm not using a pending at a certain 'support/resistance' line, I use a valid entry strategy with a clear stop loss level and use 'support/resistance' in my advantage. Hope this example helps all of you and especially those who don't believe in . Because it is there, you just need to understand how to use it.
For now we should be focusing on whether we test this base line once again. If we do we might see just one more perfect buy trade and this time it might actually break out of the consolidation of lesser degree. If it doesn't give us that buy set-up we are fine as well and let price break down. Wait for a consolidation and sell the EURUSD .
I'll try to update once we close in on that level.