Price recently broke above the 164.630 weekly horizontal resistance level. There has also been a pullback and we're probably witnessing a continuation of the upward trend as signalled by the bullish engulfing candlestick pattern slightly above the same resistance level.
A good entry price is around 164.964; with stop loss at 164.484 (about 48.0 PIPS) and take profit at 166.465 (about 150.1 PIPS). These should give a reward-to-risk ratio of 3.13 or thereabouts.