The series of lower highs and lower lows means downtrend and to look for selling opportunities. I would remain bearish as long as the pairs stays below the 106.252 high noted on the chart. The one thing I would be concerned about is the potential for USD strength if the stock market were to sell off strongly. Lately, risk adversion has meant buying the CHF also, but USD buying could change the strength of this current downtrend.
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