I posted the other day a short idea, and after the recent drop, I was unsure if that idea was still valid. So, I took a look at the daily this morning. Don't mind the chart, it's just how my brain computes things. Anyway, I think we could even see a further drop. I just don't see any real support. I guess we will just see.
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It would need to close above 1.60 to invalidate this entire idea.
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Down trend has commenced. RN bottom is where I have the arrow pointing unless it can establish a new bottom.