Similarly, we believe that this pair has just finished its entire 3-wave corrective pattern, and its in a “partial consolidation” state as the 1.6692 and the 1.6778 levels are pretty crowded. That being said, this is a good pair to long, as long as you do so at a strong support level.
The 1.6750 would be a very good price to enter this market as it is the 23.6 Fibonacci Retracement level of the previous wave. On top of that, the pair made a significant bounce from this level on 15 May. Now, if you look at the link which I have posted in this reply, the 1.6750 level proves to be a very supportive one.