On the hourly, there are 5 waves down from 1.6039. Even more indicative of a near term bottom is that wave 5 is in 5 waves as well (circled…but not labeled).
Also not shown (but is supportive of at least a near term low) is bullish divergence with oscillators and extreme bearish sentiment. A push through 1.4710 would be enough to convince us that at least a short term low is in place. The initial bullish objective would be just shy of 1.50.
