According to wave count this currency pair is now developing impulse wave C of the med term uptrend (colored red on the chart). Within wave C we already have a cycle of 5 waves.
As far as the upside movement is concerned, the nearest resistances are Fibonacci expansions off 0.8772-0.9030-0.8862 (waves AB - the red ones), 0.8862-0.9005-0.8977 (subwaves 1-2 - the orange red ones - within wave C), and 0.8977-0.9122-0.9068 (subwaves 3-4)
Resistances:
- 0.9208-13 = confluence area of expanded objective point (XOP) and objective point (OP)
- 0.9279 = XOP
- 0.9303 = XOP
In case the price goes down for a correction the nearest supports will be Fibonacci retracements of the wave up starting from 0.8862 (wave not developed yet).
Overbought/Oversold
The Detrended Oscillator is moving up to the overbought area. Assuming that the prevailing trend is still up it's advisable to seek for bottoming signals against one of the Fibonacci supports or in the oversold area which is 30-40 pips below the curren price according to the oscillator.
