Weekly MA's are to the downside, with the last weekly close forming a formation at monthly resistance. This indicates further downside momentum, as surely the bears are in control of PA at the moment?
Initial targets for this short;
Target 1 - 1.52 - Could possibly form a Higher Low here which causes a rally to either the TL or back to Monthly Res?
Target 2 - 1.51 - If a Higher Low doesn't form at 1.52 or the TL holds after the pullback.
Target 3 - 1.5 - This is my overall target at Monthly Support, my bias leads me to believe that price is heading here.