Trechet's comments today about a higher likelihood for a rate hike in the near term sent the EUR/USD on a rally. From a technical perspective, the EUR/USD is forming a nice consolidation pattern that forex traders may use to take advantage of another big move to the upside. Over the past few months the EUR/USD has been respecting a horizontal support level and is now approaching a downward sloping resistance level. If resistance is broken in the near term, this consolidation pattern may push the pair into the mid 60's with low 1.70's in the long term possible.
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