As can be seen, the range is formulated by the 61.8 and 38.2 fib levels, with the 61.8 acting as support and 38.2 as strong resistance. On the , it is evident that the 38.2 fib is acting as strong resistance since price failed to close above this level on several occasions.
Today, price did break the counter , however, to consider a long move, it will be logical to wait for a daily close above the resistance. If this does occur, I will look for a retest of this resistance to see if it holds on a smaller timeframe before entering the trade. Target 1 will be the height of the range added to the breakout, which is conflent to a previous highlighted on the chart. Also it falls on the 1.5800 round number. If this level is broken, it is likely this pair will revisit previous highs of 1.5900, and then potentially create a new higher high at the -27 fib which is in line with the upper boundary of the .