The break of multiple up trends and the RSI 40 level supports our cal that a significant bearish rising wedge completed near 1.40 and a new downtrend is underway. The next downside support is the wedge target line at 1.3550. For now our bearishness is tempered by the choppy decline to new lows, ideally we would look to fade a wave-c rally to 1.3753. (daily) S/t, the 1.3615 level is key support and key to our call for one more wave-c rally to 1.3753. For now our tactical call contrasts with longer-term analysis suggesting a new downtrend is underway. Key range going forward is 1.3615/3670. (hourly) Conviction: Med /High Levels: Support – 1.3627, 1.3615, 1.3550 Resistance – 1.3658, 1.3670, 1.3690
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