In the 8-hour time frame, we can observe small descending channel formation and the upside movement inside of it. As the movement continues, 1.6150 and then the upper band at 1.6200 will be out targets. We need to be aware that in long-term, it might be a correction move following the first impulse.
In the case of the decline, 50.0 Fibonacci retracements at 1.5980 level will be a support.
Comment
⋅
At this moment we can see the price has reached mentioned earlier 1.6150 level and it is trading just above it. Our next short-term level to test it will be an upper band of that small channel in the vicinity of 1.6200 level.