The price movement indicates an impulse, but it shouldn't be able to pierce the upper band of the wedge as there are no reference levels, because of the fresh highs in long-term.
In this case, the upper band of the wedge will be our strong resistance to bounce off to the downside, retesting 1.6150 level in short-term. After that, 50.0 Fibonacci retracement level at 1.5980 and the previous bottom at the same time will be our second target.
The vicinity of 1.5940 level on the lower band is where the price will bounce off to the up.
In this case, the upper band of the wedge will be our strong resistance to bounce off to the downside, retesting 1.6150 level in short-term. After that, 50.0 Fibonacci retracement level at 1.5980 and the previous bottom at the same time will be our second target.
The vicinity of 1.5940 level on the lower band is where the price will bounce off to the up.
Comment:
1.6150 appears to be a strong support level. The price is wavering between it and the upper band of the wedge. We will continue to observe the price movement for a breakout. the direction of the breakout will depend on which of mentioned levels occurs to be stronger.
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