This pair has been in a downtrend for quite some time. The high was set around 1.58 in the beginning of this year and now we are trading almost 1200pips lower. In my opinion, the time is right to start looking for a possible reversal but I'm not looking for a massive move higher - nono. Only a bit.
First thing I'd like to see is the blue dotted trendline
to be broken. If Step 1 completed, then I'll start looking for long entries.
PS. Target 1 is extremely imporant. If it the price reaches that area and sells off strongly then any futher upside is very unlikely.