The pair has broken a couple of support levels, it has joined the channel again and it seems to be continuing the downtrend. After it reaches our target, it might make a retracement at 1.32 in which a Head and Shoulder pattern can be seen. It has not yet reached the channel's support, which is our target for this short position.
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The pair has already made a retracement at our 1.32 level earlier than I had anticipated and it seems to be going back down again.