Yesterday’s decline took EUR/USD to the levels that we saw almost two weeks ago. Doesn’t the rebound that followed this drop remind you anything?

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Even more than one. The key currency exchange rates have recently moved back and forth without a decisive breakout or breakdown. There were some indications of what’s likely to happen, but it was not until today that we saw important confirmations that made us open new trading positions. You will find details below.

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Wednesday’s upswing took USD/JPY not only above recent highs, but also approached the exchange rate to the early August peaks and an important Fibonacci retracement. Will currency bears be active in this area and erase recent gains in the very near future?

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For almost two weeks, currency bulls have shown that they can fight for higher levels. However, all good things must come to an end. Yesterday, EUR/USD climbed to the resistance zone, which lured the bears on the trading floor. Will they dominate upcoming sessions?

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Although currency bulls bounced off the major long-term support and broke above the upper border of the short-term declining trend channel, we didn’t notice a rally in recent days. Does it mean that the buyers have already lost their strength and another move to the downside awaits us?

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