After a long bullish move from March, this pair is forming a dip. This could be the second bearish retracement ( i.e wave 4) of this bullish trend.
This bearish dip looks exhausted and it's just a matter of time that the bullish move continues.
With reversal zone, formed by the confluence of various fibonacci extension and retracement drawn from key levels, at 1.6560-1.6700; we could be in for the end of wave 4 ( which shouln't dip into the wave 1 region below 1.6700) and the resumption of wave 5 which should close above the top of wave 3.
I will watch for bull signal at this zone for a long trend to the upside and if this should happen..woow! that will be a party of pips.
If a reversal signal is not formed at this level and price breaks through with a high momentum, this scenerio will be invalid and I will look at somewhere else
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