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EUR/USD consolidates after rally
EUR/USD continues to trade within a gradually ascending channel, coming off the back of a substantial rally on Tuesday. This whole move higher seems like a retracement of the late August deterioration and as such, a move into $1.1309 would be an interesting proposition before looking for shorts once more.
For now, we have the European Central Bank ahead of us, which typically means euro weakness, As such, a rally into the top of this channel would make sense to short rather than chase, with markets likely to gradually price in a potential jawboning from Mr Draghi this afternoon.