A classic P&F chart with input as ATR and 3 reversal shows, we are above key supply zone of 1.2971.
The level saw fresh supply in 2008 and 2009 and also saw return of demand Oct 2015. This makes it an important level, which we have breached on the higher side.
However, it is still advisable to stay on the sidelines if one intends to jump on the long side of the trade, as we need to a see a double top breakout. Another X on the higher would be a strong bullish signal.