According to wave count this currency pair is now developing potential wave C of the intermediate uptrend. The wave will be confirmed if 0.8870 is broken to the upside . And it ends in case 0.8633 is broken to the downside. The price targets of the upside movement are Fibonacci expansions off 0.8314-0.8870-0.8633, 0.8633-0.8813-0,8712, 0,8712-0,8845-0,8801.
Price targets above the current level:
– 0.8883 = contracted objective point (COP)
– 0.8892 = objective point (OP)
– 0.8934 = OP
– 0.8977 = COP
– 0.9003 = expanded objective point (XOP)
In case the price reverses to the downside the nearest supports will be Fibonacci retracements of the wave up from 0.8712.
Overbought/Oversold
The Detrended Oscillator is moving to the overbought area. Since the major trend is up, it’s reasonable to wait for a tradable retracement some 40-50 pips below and calculate a corresponding Fib-node.
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