This currency pair has just developed daily impulse wave C (or 3) 0.9091-0.9599 (colored royal blue on the chart). The downside wave which is developing now is considered corrective - 4. The targets below are Fibonacci retracements of 0.9091-0.9599, 0.9330-0.9599, 0.9355-0.9599, and expansions off 0.9599-0.9467-0.9547.
Supports:
- 0.9465 = confluence area of contracted objective point (COP) and .50 retracement; reached already (!)
- 0.9448 = .618 ret
- 0.9433 = .618 ret
- 0.9415 = objective point (OP)
- 0.9405 = .382 ret
- 0.9345 = .50 ret
- 0.9333 = expanded objective point (XOP)
- etc., see the chart
In case the price reverses up the nearest resistances will be Fibonacci retracements of 0.9599-0.9462.
Resistances:
- 0.9530 = .50 ret
- 0.9457 = .618 ret
Overbought/Oversold
The Detrended Oscillator is now at the zero level, confirming the flat. Assuming that the med term trend is down it's possible to seek for short term sells, especially when the price hits a Fibonacci resistance (see above) or gets into the overboughts - 25-30 pips above the current price.
