One of the premises on which the technical approach is based on is "history repeats itself". Below is an excerpt from John J. Murphy book - Technical Analysis of the Financial Markets.
Meanwhile, a possible bearish flag is developing on the daily chart. Should the price keeps breaking the major lower trendline, the height of the bearish pole indicates a possibility of a 1,000 pips downwards move.
Below is the daily chart as of the market closing today.
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