Having moved of the low @ 1.5820 are in what appears to be 5 minor wave up (completing wave (i) of larger degree), it is in process of abc correction. Only that instead of a zizgzga with lower low, it appears to be forming expanded flat, in which wave "b" goes beyond the origin of wave "a". Many might have interpreted this as possible breakout but it now appear to be in progression of wave "c" which could bottom around 1.60 completing wave (ii) of larger degree, from where it could launch into much stronger wave (iii) to the upside. Time smaller retracement on lower time frame and it could offer good reward to risk for potential short.
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DanV
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This was a short term counter trend trade (normally higher risk),which did not work out too well, as the main trend is up and longer term I am very bullish on this pair. Check out my earlier longer term charts. I will post an updated chart to follow on.