The blue box might be an early entry on the cross which is around 1.6230-1.6200 region. However, I would prefer rejection occur at 1.6170-1.6180 level before Long. A price closure below this suggested buying price would send a signal that the Bear is trying to sink the price lower towards 1.6000-1.5900.
Trade active:
1.6200 holding the price from making another lower towards 1.6170. A clean breakout above 1.6250 is needed to reassure this Long trade is not a Bull Trap.