Starting to back off from key-pivotal resistance 1.7044/49 (2009 high/2005 low) the risk of having marked an intermediate top at 1.7063 has increased significantly.
That said, the risk of retracing back to 1.6314 (minor 38.2 %) and to 1.6195 (weekly breakout line) has equivalently risen whereas a break above 1.7037 (minor 76.4 %) would re-open the door for an extension to 1.7332 and to 1.7768 (50 %/C = A). A decisive hourly close below 1.6924 (minor 38.2 %, i.e. below 1.6900) would confirm the bear view.
JP Morgan