The failure to even come close to 1.3877 (minor 76.4 %) and the following break below hourly trend line support (now resistance at 1.3644) leave the market at risk of testing 1.3477 (2014 low) straight away.
For the latter to be confirmed though, it takes breaks below 1.3557/37 (minor 76.4 %/hourly trend) whereas above, the start window for another attempt to reach out for 1.3877 remains open. Below 1.3537 though, key-support at 1.3493/77/68 (weekly trend-last low/monthly trend) and at 1.3295 (Nov. 13 low) would be in focus.
JPM