According to wave count on hourly timeframe this currency pair is now moving within a strong med term downtrend. All the major waves are impulsive. The targets of the downside movement are Fibonacci expansions off AB waves of all the degrees: 137.75-132.78-134.80 (dailies – colored royal blue), 134.80-132.43-134.03 (hourly – colored magenta), and smaller degrees 134.03-131.96-133.31:- 127.89-83 = confluence area of super expanded objective points (SXOP) In case the price continues the upside movement which is now regarded as corrective the targets will be Fibonacci retracements of 134.03-128.77, 133.31-128.77, 132.56-128.77 and expansions off 128.77-130.53-129.12:- 130.67 = .50 retracement
– 130.78-88 = confluence area of objective point (OP) and .382 ret
– 131.04-11 = confluence area of .50 and .618
– 131.40 = .50 ret
– 131.58 = .618 ret
– 131.97-132.02 = confluence area of expanded objective point (XOP) and .618 ret
