Today's Support and Resistance levels:

R3: 1.6472

R2: 1.6455

R1: 1.6432

Current Spot: 1.6404

S1: 1.6392

S2: 1.6329

S3: 1.6277

Technical summary:

Since the last update the price-action has been pretty much as expected. We are still looking for a decline closer to support at 1.6225 and maybe just below, but once this C-wave is over we are looking for a new impulsive rally higher. 

Short term we expect minor resistance at 1.6472 will protect the upside for a break below 1.6392 for a continuation towards support at 1.6329 and at 1.6277 before the ideal target near 1.6225. Only a break above strong resistance at 1.6572 will indicate that a bottom is already in place and call for the next impulsive rally higher towards 1.7153 and above.

Trading recommendation:

Stay short from 1.6760 and lower stop to 1.6575 and place a take profit at 1.6250. If you are not short already then sell upon a break below 1.6392 with a stop at 1.6475 and use the same take profit level at 1.6250.