I’ve said it before, but I’ll say it again. I believe this pair is going to be bearish
for the long term. On the monthly timeframe
, price broke through the support area
of 1.61500 and has only recently come up to retest it. I believe after retesting this area, price will push back down to the support area
of 1.56300, which was the previous resistance before price broke through to retest the 1.61500 area.