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By reading our daily time frame we can see we are resting upon strong areas of weekly support. Our moving averages have crossed (letting us know sellers are back in control) in confluence with strong daily bearish momentum.
If price manages to break 1.60500 key psychological, we can anticipate new lows forming. If we maintain above this strong psychological zone, we can potentially see 1.64000 as we are still making higher lows.
(risk management is key)