We definitely could see more pressure to the downside in the upcoming month or so if the bears can hold the price around the 1.9739 area until the end of the month. The candlestick of March 2015 can technically be seen as a hanging man. This idea can also be complemented with a monthly RSI divergence.
If this view comes true, there might be a few structure zones to head for. A double bottom at the 1.9381-1.9363 zone is not a bad target. A further down AB=CD completion could also be a real scenario for the midterm.
But if this pair wants to break out of this midterm bearish channel, you could also see a big bullish continuation of the flag pattern. Either way, I think that this 1.9739 area is a pretty important area.
For now, you still could go short with a decent risk:reward ratio based on the cypher pattern with stops above the X point of the cypher pattern.