This what we call it as a "decisive break", it is on the verge of breaking trend line with robust volumes build up (see grey shaded portion).

Absolutely no trace of selling on all EOD, weekly and monthly charts.

Instead, all leading, lagging indicators are signaling to accumulate or fresh buy.

No surprise if it hits 1.40 zones sooner or later, and 1.42 in medium run.

Even if you see any corrections, don't get panic and the pair on monthly chart doesn't seem to bother these abrupt corrections.

Every price bounces has been moving in healthy uptrend with timely corrections on monthly charts (see rotated rectangular grey shaded areas).

The pair has cleared all major resistance levels decisively testing supports several times exactly at lower trend line.

Hence, smart way to approach this pair is that follow basics, don't even dare to buck the trend.

Hedging strategy:

Well, it's now the stage of treating the disease after diagnosing.

Subsequently, those who deploy this strategy so as to hedge FX portfolios from ongoing bullish trend and any abrupt slumps as well, can concentrate in their core business areas, and leave mitigating the potential FX risk to us.

For now, the pair has pretty much responded as per our earlier anticipation as well and no hesitation in foreseeing price bounces in medium term again as the daily chart suggest some buying interest with least risky scenarios that would result in some price recoveries.

As a result, we recommend building portfolio with longs positions in 2 lots of 0.50 delta ATM calls with 1M expiry and 1 lot of -0.49 delta ATM puts of 15 expiries.

Please be noted that this call is for medium to long term basis those who cant hold their nerves stay away from this.