Here's what I see for this pair. We're trading inside a descending channel and it's over 113 pips to the 61.8% Fib, that's what I have as my first target, but I don't exclude price going lower all the way down to the demand zone at the 88% fib. In addition the MACD histogramm has turned bearish, so I expect a continuation of the trade to the downside.
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