The pair has dropped nearly 500 pips since my post on 15 Sept from the 1.2040 resistance. It has taken the pair more than a week to test former support @ 1.1670 as new resistance following the October 26 close below this price handle. As long as the pair stays below 1.1670 on a Daily closing basis, my bearish view will remain. I do expect buying pressure at 1.1490, with a fall of this level taking us to the 1.130 support zone.

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