I am taking a short trade @ 1.5740, stop @ 1.5780. My target will initially be around 1.5600.
The entire decline from 1.5901 has been corrective, as there are no distinct 5-wave moves. I think, however, that there is still some downside potential, as MACD divergence formed on the 2-hour chart.
I am labeling the two declines from 1.5798 as impulse waves (Wave1 and Wave-i) because they both unfolded in 5-waves. Wave-ii appears to be forming now, and my plan is to short around the 61.8% fib level, which is also where WaveC would equal WaveA. My stop is above Wave2.