The strong fall from 1.5818 suggests a move down from the area is possible on the next arrival. The 30 pip risk in this zone, should it work, gets a reward of about 4:1.
The pair is in an uptrend. But the chart suggests that the end is near. This is a counter-trend trade for 120 pips before the main trend continues.
Price needs to rally up into the zone in the coming week.