The support is a solid structure that would be expected to hold and drive the price through the near term resistance. If the structure gives out, there is a compelling case for the downside to retest a more reliable area of demand. From a 4-hour perspective, Momentum is with the bears, and the price is pressured below the 21-EMA, but an upside correction to retest prior resistance is on the cards.
1st Scenario : Buy at 1727-1728 (beginning of Wave 3) Stop Loss 1720