According to wave count this currency pair is now standing in the beginning of weekly wave C. However it will only be confirmed in case 136.00 is broken, since this level is the peak of weekly wave A. The price targets of the uptrend are Fibonacci retracements of 136.00-131.17, expansion points off 130.40-136.00-131.17, and Fib expansion points off waves of smaller degree: 131.17-132.78-132.11, 132.11-133.77-132.94.
Price targets above the current level:
- 134.10-15 = confluence area of objective point (OP) and .618 ret., reached already
- 134.63-86 = confluence area of contracted objective point (COP), two expanded objective points (XOP), and .764 ret.
- 135.98 = super expanded objective point (SXOP)
- 136.32 = SXOP
In case the price declines the nearest supports are Fib ret points of 131.17-134.38:
- 133.15 = .382 ret
- 132.77 = .50 ret
- 132.40 = .618 ret
Overbought/Oversold
The Detrended Oscillator is now moving to the zero level. However oversold level, which is 50 pips away, does not provide a reasonable entry level, therefore the nearest Fibonacci support (133.15) is the only level worth considering for a long entry, otherwise a deep retracement may wipe your stops.
