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Looks like we could get some more downward pressure for the next few weeks.
Falling volume suggests a breakout to the upside is unlikely. However the UK Inflation report on Wednesday could be catalyst for an increase in volume (increasing the chance of some more upward movement), but I do think we will move down to at least to 1.6400 this week.
Hopefully we'll see a move down to 1.6000 over the next few weeks, then a nice impulsive break for the 5th wave.
I always use my higher time frame analysis as a guide only. When I have a opinion on the longer term trend I will drop down to the lower time frames and look for a trade set up (something like a break and a retest of a 100 EMA ). Only take the trade when you have a good set up on a lower timeframe!