The pair is closing in on the support of the 1.5289-1.6720 range and is holding below both its MAs.
Further upside is expected from the current historical lows. For a long-term position, buy after a rejection at the support with a stop loss below the range at 1.5125 and a target at 1.6123.
This provides a risk/reward ratio of 330/700.
Goldenschild Asset Management