As I wrote below on the daily outlook, an important top may have formed at 1.6750. The 61.8% retracement of the 1.6740-1.6520 initial downmove came in at 1.6655, yesterdays high. These are waves 1 and 2 of a potentially big downmove. Wave 3 was from 1.6655 to 1.6410 and the 38.2% retracement of this move is at 1.6505, which is proving to be a good resistance level thus far. If a 5th wave now ensues it should see prices fall towards 1.6300 and this would greatly strengthen the technical bearish case.
