Wave count on hourly timeframe shows that this currency pair is now developing wave C within med term uptrend (colored red on the chart). The targets of the upside movement are Fibonacci expansions off 0.8772-0.9032-0.8862.
Resistances:
- 0.9120 = objective point (OP), the price stopped within 3 pips of this level
- 0.9279 = expanded objective point (XOP)
In case the price resumes its corrective movement down the nearest supports will be Fibonacci retracements of 0.8977-0.9117, 0.8862-0.9117.
Supports:
- 0.9064 = .382 retracement, reached already
- 0.9047 = .50 ret
- 0.9030-20 = confluence area of .618 and .382 retracements
- 0.8989 = .50 ret
- 0.8959 = .618 ret
Overbought/Oversold
The Detrended Oscillator is returning from the oversold area. Assuming that the med term trend is up, it's possible to look for bottoming signals to enter long against one of the Fibonacci supports listed above.
