The rally higher of the 1.6567 low does look constructive. Short-term we will be looking for a minor setback to 1.6676 before the next rally higher towards the 1.6768 - 1.6793 area to complete the first minor impulsive rally. Once this first impulsive rally of the 1.6567 low is complete, then look for a corrective decline into the 1.6656 - 1.6684 support-area in wave ii/.
R3: 1.6793
R2: 1.6768
R1: 1.6744
Pivot: 1.6713
S1: 16676
S2: 1.6653
S3: 1.6618
Trading recommendation:
We will wait for a confirmed five wave rally of the 1.6567 low and then buy into the correction in wave ii/. So for now, we will stay sidelined.