Eur/usd pair is trading into a tight rectangular consolidation on the hourly chart .The implication of such a tight consolidation is a breakout either on the up or on the down side . Since eur/usd is in a downtrend the more likely scenario is for the consolidation to break on the downside with a possible target of 1.5500 . A break on the upside could give us a target of 1.1750.
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