First, look for a move back to the lower part of the channel. If we hit that, we may get a small bounce back up, or we could just drop right through. Either way, look for a longer term move below the lower end of the channel and back to either the 200 or the underlying (hashed turquoise line) or the (purple line) at around 1.574
I would put a stop at about 1.634 just incase we do get a move up and test the upper resistance. Sometimes when this happens, we get a quick spike up and then fall back. So, for this reason, I would put the stop just a little bit above 1.6300. Primary target is the lower channel line. Secondary target is around 1.5900. If we continue to fall, look for support at the 200 , the purple S/R line, and the underlying .