Technical Glance:

On weekly charts, the pair has tested trend line support at around 1.49 levels.

After a downtrend, this seems 2nd strong attempt of recovery by bulls because prices hesitated their move downward by reducing their volumes gradually during last 3-4 weeks and this has now confirmed in this week's rallies and currently holds trend line support at 1.4916.

The immediate resistance is also seen at 1.5055, a decisive break above on a closing basis can be more boosters for bullish swings. 

Currency Option Strategy:

We now want to square off the positions in shorts, book the profits and for now convert the same into option strap on hedging grounds. Unlike spreads, combinations allow adding both calls and puts at a time in our strategy.

So, buy 3D At-The-Money -0.49 delta put option and simultaneously go long in 2 lots of 1W At-The-Money 0.51 delta call options.

It engages buying a number of ATM puts and double the number of calls. The strategy is more of customized version combination and more bullish version of the common straddle.

Hence, any hedger or speculator who believes the underlying currency is more likely to surge upside can go for this strategy.

Maximum returns can be achievable when the underlying exchange rate makes a strong move either upwards or downwards at expiration but with greater gains to be made with an upward move.

Cost of hedging would be Net Premium Paid + brokerage/commission paid.