Technical summary:

We are reaching the first downside target at 1.6781. In the short term, we will see minor resistance at 1.7016 protecting the upside for a decline to 1.6781. A breakout above minor resistance at 1.7016 indicates that the bottom is in place for a rally back to at least 1.7125. Above here, we expect the first strong indication that wave 2 is over and a new impulsive rally is developing.

Trading recommendation:

If you are short EUR then move you stop lower to 1.7020 and keep your take profit at 1.6790. You might even consider buying EUR at 1.6790 with a stop at 1.6680.