Identify the next term in the following letter series:
AZ, BY, CX, DW, ?

The series consists of two patterns for each letter position:
1. The first letter follows an increasing alphabetical order: $\text{A}\stackrel{+1}{\to }\text{B}\stackrel{+1}{\to }\text{C}\stackrel{+1}{\to }\text{D}\stackrel{+1}{\to }\text{E}$
2. The second letter follows a decreasing alphabetical order (or represents the opposite/reverse pairs): $\text{Z}\stackrel{-1}{\to }\text{Y}\stackrel{-1}{\to }\text{X}\stackrel{-1}{\to }\text{W}\stackrel{-1}{\to }\text{V}$

Combining both patterns, the next term in the series is $\text{EV}$.