Target is gotten from the weekly chart at the previous weekly support; further conflunce for target is that it lines up with the 38.2% fib level taken on the retracement leg from the monthly chart.
On the , market is forming an accumulation in the form of a / . If the pair would break out of this structure with a strong impulse on the , then entries can be sought on the retest of the structure, either on the 4hr, 1hr or lower time frame, depending on preference.
Patience is important. Best of luck!