Don’t get me wrong, I’m long and think that we go quite a bit higher in the longish-term, but the down trend has been strong and will fight back when the conditions are right. There is strong technical resistance around 1.0900, (a 38.2% Fibo, the 55-dma and a previous high), and I would expect resistance to start forming near there.
I will look to reduce longs near 1.0900 and re-buy on dips.