possible downside target would be somewhere around 1.286 where an uptrend line meets 1.272 fib. level
I use this 1.272 fib. level as a test support/resistance if the price bounces at 0.618 (61.8%) fib. level and a possible target if the price bounces at 0.382 (38.2%) fib. level.
for most MT4 user might not fund this value in fib. retracement tool.
just for information 1.272 is actually the square root of 1.618.