I believe that this could just might work out... We are at this interesting level, where on the Weekly chart it has slightly jumped over it's 100 MA. Now, if institutions will want to push it till the psychological 1.20, then a break and close above 1.18455 could mean that this pair isn't ready to give up. I am leaning more to the downside to re-test this steep trend line that it has formed. The level would be around 1.17768 . If we would break that, then there is that May 2016 high and a trend line lower.
This is just an idea, so if you're planning to go in, then I suggest try to have good stops.