This currency pair is now moving within a clear uptrend - daily and hourly. All the waves are impulses. The targets of the upside movement are Fibonacci expansions off 0.8066-0.8861-0.8314 (major daily waves), 0.8314-0.8870-0.8633 (waves of a smaller degree), 0.8633-0.8858-0.8737.
Price targets above the current level look the following way:
- 0.8962-77 = confluence area of objective point (OP) and contracted objective point (COP)
- 0.9101-09 = confluence area of expanded objective point (XOP) and OP
In case the price reverses to the downside (presumably for a short correction) the nearest targets will be Fibonacci retracement points of 0.8738-0.8952.
They are:
- 0.8870 = .382 retracement
- 0.8844 = .50 ret
- 0.8819 = .618 ret
Overbought/Oversold
The Detrended Oscillator is now near its zero level. Assuming that the major trend is up, it's better to wait for a retracement to a nearest Fib-node, say, to 0.8870 and enter long in case a reversal signal appears.
