Technical Glimpse: We all know that the long term trend for this pair has been downtrend, this has still been evident on monthly chart as we can observe that from current price on monthly that has still been fragile to fall way below moving average curve.

The price dips are substantiated by RSI's downwards convergence that signifies recent bulls seem to be exhausted with their rallies.

While %D line crossover even in oversold territory on slow stochastic curve is also clearly evidencing selling pressures.

Overall, the major trend has been downtrend dominated by the bears with clear volume confirmation.

Hence, we like to stick with basics and don't want to buck the trend, be it looks pretty simple, silly or no matter what.

Hedging and Speculative Perspectives:

On hedging grounds, buy 2W (-0.5%) out of the money Vega put options and short 2D (1%) out of the money call option. We've kept 75 pips as upper brackets and 25-30 pips on lower brackets, strategy will likely to generate positive cash flows on either direction but more potential on downside.

This may prove highly risky if it keeps spiking over and above 75 pips within 2 days, so those who've risk appetite up to 75 pips within next 2 days can undoubtedly execute these positions.

On speculative grounds, at current spot FX levels of 0.7205 one touch delta calls are recommended for targets of 20-25 pips (i.e. 0.7235 levels), the prime merits of such one touch option are high yields during high volatility plays.