Continuing the theme of the past 6 weeks, the medium term outlook continues to deteriorate from a variety of technical perspectives, chart patterns, support breakdowns, and strengthening downwards momentum. In addition, the pair’s slow grind lower within its descending channel from of the past 3 weeks accelerated decisively, as Ukraine tensions, data, and central bank expectations all turned further in favor of the USD. See our fundamental analysis for details, of which there are many. The most outstanding change for the worst is the third consecutive penetration of yet another key support level in as many weeks. ... (full story)