This currency pair is now developing a corrective wave to the intermediate uptrend 0.8314-0.8870. The targets of the corrective wave are represented by Fibonacci retracement points of 0.8314-0.8870 and expansions off 0.8870-0.8726-0.8848, 0,8848-0,8745-0,8807.
The nearest price targets below the current level look the following way:
- 0.8658-40 = confluence area of .382 retracement and xpanded objective point (XOP)
- 0.8615 = XOP
- 0.8592 = .50 retracement
- 0.8537 = super expanded objective point (SXOP)
- 0.8526 = .618 retracement
- and so on, see the screenshot
In case the price continues its movement to the upside the nearest targets will be represented by Fibonacci retracement points of 0.8807-0.8633, 0.8848-0,8633, 0,8870-0,8633.
Here are the nearest resistances:
- 0.8715-20-24 = confluence area of .382 and .50 retracements
- 0.8740-41 = confluence area of .50 and .618 retracements
- 0.8751 = .50 retracement
Overbought/Oversold
According to the Detrended Oscillator the market is clearly overbought, exceeding 100% overbought level. Since the intermediate trend is down, it's possible to try to wait for a topping signal and enter short against a Fibonacci resistance not far - e.g. 0.8720-40.
