This currency pair is developing corrective wave 4 of daily degree - colored royal blue in the chart.
The targets of the corrective movement are Fibonacci retracements of 0.9541-1.0002, 0.9708-1.0002, and expansions off 1.0002-0.9862-0.9927.
Supports:
- 0.9826-20 = confluence area of .382 and .618 retracements
- 0.9787 = objective point (OP)
- 0.9771 = .50 ret
- 0.9717 = .618 ret
- 0.9700 = expanded objective point (XOP)
In case the price reverses up the nearest resistances will be Fibonacci retracements of the downwave from 1.0002 - wave not developed yet.
Overbought/Oversold
The Detrended Oscillator is at the zero level that confirms the short-term flat. Assuming that the wave down is corrective but is not yet over it's preferable to stand aside until a wave up of a large degree manifests itself.
Read more on how to apply Fibonacci studies to calculate price targets.
