It was more than 3 weeks ago when we provided you with an update on the USD Index and since something major is happening in it – and even more is likely about to happen - it seems that today is a perfect day to catch up. The critical move is most likely taking place as we are writing this and if you haven’t been paying attention to the currency sector lately as the USD Index has only been moving back and forth in a rather boring manner, it’s a perfect day to get back on track.

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Earlier today, currency bears pushed the euro lower against the greenback, which resulted in another test of the short-term support zone. Third time lucky or a show of the sellers’ weakness?

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During the last session of the previous week, currency bulls broke above the resistance area, which has been holding increases for over a month. Is this success enough to climb higher in the coming week?

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In recent days, the British pound declined quite sharply against the greenback, which caused several negative developments. Will currency bears be strong enough to trigger further deterioration in the coming week?

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Wednesday’s session showed that currency bears are quite strong after they managed to invalidate the earlier breakout above the upper line of the declining trend channel. Will they take EUR/USD below 1.1450 in the following days?

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