The EUR/USD is Oversold. Time for a pullback?

 

Here is a chart of the EUR/USD pair showing daily RSI. The pair is currently oversold and a pullback from these levels seems likely. Coincidentally Fibonacci levels at present for the two moves from the '09 top are approximately equal. The chart below is a 4 hour zoom of the second move down from 1.4580. I have drawn in the Fibonacci levels for each significant pullback, and as you can see they have been getting progressively larger each time, as the pair moves more and more into oversold territory. 

I have labeled in a possible count, similar to Jamie's clck here to view, which fits in well with the pattern of an increasing percentage pullback each time. If this count is correct then the outlook for the Euro is very grim, based upon the incredibly weak red wave 2 retracement; as second waves usually retrace 61.8% of first waves, and in this instance not even 38.2% of the entirety of red wave 1 was retraced. The black wave 2, however, is more likely to retrace to its 61.8% level due to the presently oversold nature of the pair. The strength of the last candle during Friday's last session also gives weight to this scenario.