The daily chart has been presented for viewing a larger wave structure. The pair seems to have formed a major low at 129.50 levels on December 03, 2015. Subsequently, a higher low is seen to be now in place at 131.00 levels as well. The pair is trading around 132.10 levels for now, drifting sideways in a 100 pip trading range. A push above 132.50/70 levels would confirm that bulls are back in control and that the pair is poised to push higher into 137.00 levels at least. Immediate support is seen at 131.00 levels (interim), followed by 129.50, while resistance is seen at 133.70 levels, 134.50 and higher respectively. RSI holding 40 levels is also encouraging to the bullish setup. Only a drop below 129.50 would be a negative to the current wave structure.
Long now, stop at 129.50, target is open.