Bearish chances remain there, as price is struggling as 1.6116 horizontal resistance, marked by a series of pin bars, for a potential retest of the bottom of the range floor at 1.5893 key swing low. Note that we remain in a sideways market, where successfully taking 1.6116 may push to the range ceiling at 1.6260. While taking the range floor should signal a major bearish reversal, initial target at 1.5740.