This pair is in rather unchartered territory being this low but there is definitely reason to believe it may drop further still over the short term. 0.5750 is our level to break and we will be looking to treat it as any other breakout position namely awaiting the retest, so we don’t get caught in a false break. We are simply then going to ride the wave down to the previous support level
at 0.5520 giving us a clean cut and incredibly simple position as long as we remain disciplined. The only way this will change, and we turn to the longs is when 0.6100 is broken.