According to wave count this currency pair is now developing potential wave C of the intermediate uptrend. The wave will be confirmed if 0.8870 is broken to the upside. And it ends in case 0.8633 is broken to the downside. The price targets of the upside movement are Fibonacci expansions off 0.8314-0.8870-0.8633, 0.8633-0.8813-0,8712, 0,8712-0,8845-0,8801.
Price targets above the current level:
- 0.8883 = contracted objective point (COP)
- 0.8892 = objective point (OP)
- 0.8934 = OP
- 0.8977 = COP
- 0.9003 = expanded objective point (XOP)
In case the price reverses to the downside the nearest supports will be Fibonacci retracements of the wave up from 0.8712.
Overbought/Oversold
The Detrended Oscillator is moving to the overbought area. Since the major trend is up, it's reasonable to wait for a tradable retracement some 40-50 pips below and calculate a corresponding Fib-node.
