On this pair here is what i think is going to happen: First the pair would go short until it reach the 382 of the july 8 2013 trend up. Now im not saying it would go beyond that but im not saying i wont. Depends on the price action, now we should take profit in that area after making some in the short trade. Observe that this is a weekly chart and if we are pattern trader this could be the B leg that determines the type of pattern depending on where it would stop. it may range 382 up to 886 wherever it wants.
If this week cannot settle back above 1.6571, I'd be looking for further erosion to 1.6482 area. USD went vertical, which usually result in a sharp breakdown.