Yesterday, the U.S. dollar moved sharply lower against its Canadian counterpart, which took the exchange rate to our next downside target. Thanks to the seller’s attack, we noticed a potential pro-bearish formation on the horizon, which can make positions even more profitable…

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Earlier today, the euro moved higher against the greenback, which resulted in a comeback above the previously-broken resistance line. Is this a show of currency bulls’ strength or rather a pause before another bigger move to the downside?

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After a sharp post-breakout increase on Monday, we saw even sharper decline during yesterday’s session. Thanks to the currency bears’ attack the euro moved lower against the greenback, which gave the sellers another ally. Will we see EUR/USD under 1.2200 in the coming week?

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A week ago, currency bulls used the buy signals generated by the indicators to trigger a quite sharp rebound after earlier declines. As it turned out, we didn’t have to wait long until they lost their "power" and disappointed those who trusted them without a deeper analysis of the technical situation. Did they deceive us too?

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Although currency bulls showed some strength after the drop below the lower line of the trend channel, the major resistances remain in the cards. Does this mean that we will see only a verification of the earlier breakdown in the coming days?

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