we have a downward channel in a downward trend. Price could have some rejection at 1.17500 and then rocket down to 1.15000. However, looking at the fib, price has the freedom to rally to the zone around 1.1800 before making a reversal to the downside. We can start by targeting 1.1600 and then depending on market reaction, we will take it to 1.1500 or otherwise.