The rate is still trading within the box range I mentioned last week (for full trade idea click here). The thin holiday trading liquidity, however, has pushed the rate into an even smaller range.
The lack of fundamental catalysts, the pressure which the rate is applying on the former resistance as the new support at the major psychological level at 1.7000, and the fact that it simply is easier to trade in a confined range than to create important breakouts, makes me look for a downside break here.
A close beneath 1.7000 level would open up a way down towards the range support at 1.6830 and a possible continuation which should then target the 100% range extension around 1.6520.
As tempting as it might seem, I wouldn't be trading an upside break above the range resistance at 1.7150 before next week, as the probability for a false break in low liquidity conditions is very high.