The last week’s increases erased almost 50% of the June-August downward move. Is this a positive development? Yes. Will we see its continuation in the coming days? Well, technical factors have their chosen ones.

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Yesterday’s verification of the earlier breakdown below the neck line of the bearish formation encouraged the sellers to push the euro sharply lower against the greenback earlier today. What are the implications of their attack?

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The most important event of today's session is a breakdown below the lower border of the short-term rising trend channel. Will the bears reach the next base in the coming days?

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At the beginning of the week, EUR/USD bounced of the support area, which managed to stop the sellers several times in the past. Earlier today, currency bulls extended recent gains and reached our first upside target, but the price action we saw raises some doubts about their strength. Is this the right assumption?

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Although currency bulls managed to invalidate a small breakdown under the lower border of the rising trend channel, they failed to go further north. What stopped them? How did their opponents behave in the face of this event? What does all this mean for the U.S dollar and the Swiss franc? You will find the answers to all these questions in today's alert.

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