Forex Technical Update 11/29/2010 – Will There be Reprieve for the Euro? – Forex News, Analysis, Education, Live-events etc. Developments from the Eurozone only points to further contagion of the debt crisis putting the euro on a very frightening path as it slides across the board. The EUR and EUR/CAD are in free falls. EUR/AUD suggests bearish continuation. The EUR/NZD is stuck with bearish bias. The EUR/JPY established a top, and the EUR/CHF is accelerating its slide. Let’s take a look at these charts to see where we might see some rebound if one comes. Fan Yang CMT Chief Technical Strategist FXTimes

Is there some upside on the EUR/USD?

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.