The pair is in its 5th wave extension. I believe that the pair will find resistance when it reaches the 1.57 region. It is now trying to reach that level but is facing some resistance as it is dead smack at the top part of the trend line
. A correction lower is still possible here and we can see the pair retracing back to the bottom of the trend line
channel before going higher.
I am neutral on this pair right now as I think the risk reward ration is not too great right now.