I agree with your view of long trade on this pair. But the low needs to be formed first and it could drop to 1.042 or even little lower. Based on my EW counts, once this cycle completes I am anticipating substantial rally and not just minor retracement. Here is my published chart to show what I mean.
Yes, I totally agree with you on this.... After watch price dither around for so long around its current levels and with downside bias clear, I am drawing up an update to this chart that I will publish shortly [may have already posted in chat, but it still requires some tweaking. ;0)