The 4th channel target of the ST up-cycle (light blue) proved to be the end of the ST cycle, and likely the end of the correction that began Friday after the bottom at 1.3587.
The subsequent decline made a lower low at 1.3531, but it was part of a sideways trade that now appears complete.
We have traded down to test the low at 1.3538 overnight and bounced, setting up a possible retracement of yesterday’s decline.
Fibonacci resistance comes in at 1.3635 and 1.3665, and we may also find resistance at 1.3608. Downside targets are at 1.3487 and 1.3421.