After recording the top at 94.48 the pair started the downside correction breaching 38.2% then 50% correction and facing 61.8% which is the critical obstacle over short term basis. 
During the downside correctional wave the pair formed a bearish pattern with the neckline at 82.40 and recently breached the neckline activating the bearish pattern signaling further downside movement over short term basis. After the breach, trading was wedged among the 50% and 61.8% correction and the fluctuation unloaded the positive momentum and accordingly we expect the pair to resume the bearishness and breach the mentioned support targeting 74.90 and then 70.30. The 100 Days MA supports the bearish wave and acts as a ceiling for the short term wave though still the bearishness requires steady daily closing below 82.40.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com