The pair ratio was consolidating for 3 years (Nov'16 - Oct'19) in the range of 3.899 - 5.030 It broke down in Oct'19. 161.8% retracement of the above consolidation was at 3.201. The ratio made failed attempts to breakdown below this level, only to revert back to 3.899. The ratio has again reached (almost) the same retracement level of 3.201, with RSI making higher lows. As long as the ratio is above 3.201, it would attempt to move up to 3.630, 3.899