The break below 1.0435 yesterday and the subsequent breach of the 100-day MA has again strengthened the bears technical case. The 20-day MA often proves to be a reliable indicator of trend and it lies now at 1.0595, roughly alongside the bearish trendline. This area should cap any short-term rallies. The bear target will be the previously pivotal 1.0250 level and this will provide stout medium term support. I’d play the edges of this range with a neutral bias (short-term bearish, longer-term bullish).