This pair is currently bouncing off a very strong resistance level.
In the H4 chart, we can see that it was last week's high. However, if we were to look at the W1 chart,
we notice that 1.61616 appears to be the high of 2011.
In H1, the sign of a large pin bar combined with a bearish engulfing pattern gives clear indication that the trend is about to reverse.
We definitely would expect price to bounce off the resistance level. I believe that it is a good trade although it is a counter trend trade. It may not be profitable, but the odds and the risk to reward are definitely lucrative enough to make it a good trade.
Expect price to go below 1.58943, a whopping 230 pips. But stay tuned, this pair could potentially head further south.