Price is currently trading in a channel, and the 50D SMA has crossed the 200D SMA to the upside (golden cross). Price has just hit the support zone and formed a bullish engulfing candle. In addition the RSI is also showing a divergence with price. All these factors plays into the idea that the support will hold and price would likely retest the resistance zone around the 1.7+ area.
Disclaimer: This is not a financial advice. This is my way of sharing my trade ideas with the community and any decisions you make from this is entirely yours and has nothing to do with me.