According to wave count this currency pair before breaking 131.79 still has chances to develop wave C up. Its potential targets are Fibonacci retracement points of 136.00-131.23 and expansion points off 131.23-133.84-131.79.
Price targets above the current level:
– 134.18 = .618 retracement
– 134.40 = objective point (OP)
– 134.87 = .764 retracement
In case 131.79 is broken the targets below will be Fib expansion points off 133.84-131.79-133.59 and 133.59-132.18-132.81.
Price targets below the current level:
– 131.94 = contracted objective point (COP)
– 131.54 = OP
– 131.40 = OP
Overbought/Oversold
The Detrended Oscillator is moving into the oversold area. Considering the flat market short term long positions might be initiated against nearest Fibonacci supports at 131.94 and 131.50.
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