Now that the anomalous interest rate shock last week has subsided we have seen the pair react in accordance with breaching the upper bound of its ~3 month trend. The pair has moved smoothly within the lowest band of the 1+2 double bollinger bands on the 4 hour chart since breaching the -1 line nearly 48 hours ago. I believe we may be set to continue this aggressive descent well into the 1.11 handle. After hesitation at 1.1250, the pair has successfully broken into lower territory ~1.1222 with a first profit target at the daily S2 pivot at 1.1214, second at 1.12, and third ~1.115 and below.