The market is making another attempt to break decisively above key-pivotal resistance 1.7044/49 (2009 high/2005 low) as minor Fib.-resistance at 1.7037 (minor 76.4 %) has already been penetrated.
This is certainly increasing the risk of breaking above the last top at 1.7063 which would then clear the way for a straight extension up to 1.7332 and to 1.7768 (50 %/C = A). Below 1.7063 though, the risk of retracing back to 1.6314 (minor 38.2 %) if not to 1.6195 (weekly breakout line) persists and would be confirmed below 1.6924.
JP Morgan