According to wave count this currency pair is now developing med term uptrend - impulse wave C - colored orange red on the chart. The targets of the upside movement are Fibonacci retracements of 0.9221-0.8772 and expansions off 0.8772-0.8919-0.8846:
- 0.9049 = .618 retracement
- 0.9084 = expanded objective point (XOP)
In case the price resumes its downside movement the nearest supports will be Fibonacci retracements of 0.8846-0.9030 and 0.8772-0.9030:
- 0.8960 = .382 ret
- 0.8938-31 = confluence area of .50 and .382 retracements
- 0.8916 = .618 ret
- 0.8910 = .50 ret
- 0.8871 = .618 ret
Overbought/Oversold
The Detrended Oscillator is in the oversold area. Assuming that the major trend is up, it's advisable to look for bottoming signals to enter long against one of the Fibonacci supports listed above.
