Purely Technical. The uptrend of this pair peaked at 1.55 and from then on we have seen lower lows and lower highs. Since breaking out of the uptrend price found some support came back up and rejected the 38.2 retracement level, I now believe that this pair is heading for 1.34 in the near term and this is in confluence with price action as a major support area, other confluences being that it is the -27 extension.