The pair has completed half of the way to the bottom of the uptrend channel after breaching the 1.4000 area and reversing since. There is therefore some room left for the bears to dip the price further. We shall keep an eye on it. :)
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I admit I knew that my projection was not really going to happen, but something close to what happened. I'm still curious to see if it moves to the lower limit of the channel.