This currency pair is now developing impulse wave C of the intermediate uptrend (colored magenta on the chart). The corrective wave B stopped at .618 retracement point of wave A (132.49). The targets of wave C are Fibonacci expansions off 130.40-136.00-131.17, 131.17-134.63-132.35 and 132.35-134.06-133.42.
The nearest price targets above the current level are:
- 135.81 = objective point (OP), 8 pips to go
- 136.19 = expanded objective point (XOP)
- 136.77 = OP
In case the price turns to a correction the nearest supports will be Fib retracement points of 133.42-135.73 and 132.35-135.73:
- 134.85 = .382 retracement
- 135.57 = .50 ret
- 134.44 = .382 ret
- 134.30 = .618 ret
- etc., see the image
Overbought/Oversold
The Detrended Oscillator is clearly in the oversold area. The worthiest supports to enter against will be nearest Fib retracements 50-70 pips below - in the area of 135.85-134.44.
