According to wave count this cuurency pair is moving within med term downtrend, with the last wave being an impulse C wave (colored magenta). The targets of the downside movement are Fibonacci retracements of 0,8314-0,9221 and expansions off 0,9221-0,8861-0,9078, 0,9078-0,8947-0,9019:
- 0,8807 = expanded objective point (XOP)
- 0,8768 = .50 retracement
- 0,8718 = objective point (OP)
- 0,8676 = super expanded objective point (SXOP)
- 0,8660 = .618 retracement
In case the price turns upwards the nearest targets will be Fibonacce retracements of 0,9019-0,8842, 0,9078-0,8842:
- 0,8931-31 = confluence area of .50 and .382 retracements
- 0,8951-60 = confluence area of .618 and .50 retracements
- 0,8988 = .618 retracement
Overbought/Oversold
The Detrended Oscillator is around the zero level. The overbought area is some 20 pips above, oversold - 40 pips below the current price. Assuming that the major trend is down, it's advisable to seek for topping signals in the overbought area or against a Fibonacci resistance, see listed above.
