Now that we have broken the key trendline on the weekly and daily timeframes, we have more confirmation that this pair is experiencing a trend change. I am personally waiting for a re-test of the back side of the trendline, the daily 50ema and potential 0.382 fibonacci retracement (if we bounce off 1.56250) before going short. However if a long entry presents itself after a bounce off of 1.56250 I may consider a short term pullback play to the long side.
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The bears are clearly in control here. We smashed through this support line