The pair has just broken out of a 1/4HR range it was trapped in at price support, it has just broken and closed below the range of support on the 1HR and 4HR charts. Price also bounced from a strong daily CTL which is part of a channel earlier last week and should be heading down to the trend line at the bottom of the channel. The weekly candle last week also closed very bearish, and the 4HR fib hit 78.6%, so i have placed my SL above swing high and TP at 161.8% fib extension level, which is also a weekly support level. This is a longer term trade.