There is a head and shoulders pattern playing out around the 0.5 - 0.618 fibonacci retracement zone. If as expected we will see a short following the C-D trend line of the AB=CD pattern. This should occur with the MA's crossing over to the down side for a good stretch. 1.7440 should be the next target after this roll over down a parallel channel, then a possible retracement back up to the 0.382 fib zone, trend acceding back up over the C-D trend line, before heading back down to target D in another parallel channel with LL's & LH'S on the way. Descending down the opposite side of the C-D trend line we look for 1.6800 (downside target).
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