This pair is clearly in a downtrend on the larger timeframes. Price recently made a lower low and now seems to be in retracement mode. I am looking for a retracement to the 61.8 fib level around 1.53, which also will be a retest of a minor daily counter trendline. If price respects this level, we could see further downside to retest the lows at 1.50 and possible further to the 27.2 extension at 1.49.
