Price looks to have bounced from near a junction of two strong support lines at around 1.6250. I will be looking to long with a stop just beneath the support line, targeting 1.6530, the 61.8% Fibonacci of the five wave down move. As you can see in the 30 minute chart below, wave 3 has extended (is greater than 1.618 times the length of by price) so it is unlikely wave 5 will continue before a considerable pullback, unless of course this count is proven invalid.
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