In our previous analysis, we warned that:
The traders who want to long the dollar should wait for the descending channel to be broken to the upside. As long as this channel holds, we will have selling pressure in the market and there will be little buying interest.
As the descending channels held, the bulls finally gave up fighting and the bears pushed the pair into new lows.
In the long term perspective, we see that the pair is in a big ABC structure and the typical price target for the current downtrend is the 0.89 level. The time zone target is shown in the chart. That area is the optimized zone wherein the trend is most likely to reverse.