Yesterday the pair broke down after the FOMC meeting. It moved out of its sideways consolidation and reached lows of 1.3650. Although it is now recovering a bit it looks poised to break lower. More downside is favoured by short-term cyclical factors. The long column down from yesterday's (18th) highs has established a down-target at 1.3420. A re-break below the 1.3650 lows could signal a continuation down to that target – or more conservatively the discretionary trend-line situated at 1.3600.
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