Price is creating new lows, respecting the defending trend line so I'm only looking bearish. The previous swing also has 2 Fibonacci retracement levels from the very high (1.6920) to the low price retraced to 38.2% and from the most resent leg (1.68112) to the low price retraced to the 61.8%, price has also stalled at a higher time frame structure level (red box) and the 1.67500 psychological round number. Price has now broken out of the counter trend line with momentum and is now showing a retest of that counter trend line. I had places a sell stop at 1.66764 in anticipation of the continuation of this bearish momentum.
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