As it can be observed from the 8H timeframe chart, the price has rejected the area of resistance plotted on the chart. Looking at the recent price development, we can notice how a massive impulsive bullish run has taken place after the breakout of the descending channel portrayed on the graph.
Currently, it can be inferred that the price is headed towards the downside to complete the correctional move of the recent impulsive move.
We believe the price will keep dropping and reach the target set [163.0]