Open trading account 
Pair is undoubtedly trading downwards for the last few months, currently stuck in a range between 1.58 and 1.56. It has also formed a symmetric triangle which in these market conditions in my opinion is more likely to be a continuation pattern. We saw a break out of this triangle, however it was insufficient to attract interest of buyers.
We also had an interest rate announcement today which remained flat at 0.50 % respectively not giving any encouragement to go long.
As an entry I chose engulfing candle ( depending on what charts we see ), SL just above it. As a logical TP level I see the area marked with green box - 100% projection of relatively most recent move down ( around 1.55 ). Although will watch what price will do at recent low as last attempt to break lower was fake!
We also had an interest rate announcement today which remained flat at 0.50 % respectively not giving any encouragement to go long.
As an entry I chose engulfing candle ( depending on what charts we see ), SL just above it. As a logical TP level I see the area marked with green box - 100% projection of relatively most recent move down ( around 1.55 ). Although will watch what price will do at recent low as last attempt to break lower was fake!