As described above
Anything can happen, but I'm afraid, price might have a hard time getting to that high that marks Tgt1, even if breaks above the current highs. We've seen the cloud and the level 0.8892 rejected twice, so there may be more sellers than buyers now. I expect this pair to go down to as low as 0.8835.
Thank you for your comment! Highly appreciated. Actually I wouldn't trade under 0.8894 (entry price above 0.8892's twice rejections) as described in my chart. Do you think it's not conceivable? I think this pair has been heavily oversold these past weeks and we should enter now in a recovery phase (hopefully).
As I said, anything can happen, so anything is conceivable. You're right about the fact that this pair's been heavily oversold but by other standards it is actually overbought. We've just had a nice piece of a recovery phase. :-) Whatever it does now, it will probably fail to do something, and failures are the driving force of most market moves. If it fails to retest these recent highs, it'll go down. If it fails to retrace now by more than say 38.2%, it'll probably resume this rally upwards.