The market failed once more to break decisively above key-pivotal resistance 1.7044/49 (2009 high/2005 low) on Friday which leaves it at high risk of running into a deeper setback.
Only a break above the last top at 1.7063 would clear the way for a straight extension up to 1.7332 and possibly to 1.7768 (50 %/C = A). Below 1.7063 though, the risk of retracing back to 1.6314 (minor 38.2 %) if not to 1.6192 (weekly breakout line) persists and would be confirmed via a break below 1.6924 (minor 38.2 %).
JPM