As you see in the chart, after a significant drop, price has been pushed to the upside by the support level at 1.1525 for twice.
Currently, we have an uptrend which is in the correction phase and has retraced 50% of the last upside move.
If price breaks the last major high at 1.1616 and closes a bullish confirmation candle above this level, the first target is the next major high at 1.1632 and in the case of an upside breakout on this level, there is a high probability of more growth around 1.1687
On the other hand, if price gets rejected by the resistance level at 1.1632 and makes a lower low, we can expect that a new downtrend is going to be started and price drops to the support level at 1.1525 and in the case of a downside breakout and candle closure below this support level, the next target would be around. 1.1450