The monthly trend is down with lower highs and lower lows. Based on the all time high and low Fib at 50% is around the 1.21 area which could provide strong resistance going forward. If the trend continues to move down we could see a target area of parity but should we see a more significant move higher first before this price area is established? Or are we seeing a right-angled triangle formation about to break towards parity straight away?