As wave count shows this currency pair is trading in daily corrective downwave B – colored royal blue on the chart. Within this wave there’s a set of 3 subwaves – colored magenta – with wave still developing and needing confirmation, which is the break under 131.70 (top of subwave A). Now the valid targets of the downside movement are Fibonacce retracements of 127.62-135.03 and expansions off 135.03-131.70-133.75, 133.75-131.79-132.54, 132.54-131.84-132.52. 
Supports:
– 131.69 = contracted objective point (COP)
– 131.39-33-32 = confluence area of expanded objective point (XOP), COP and .50 retracement
– 130.69 = super expanded objective point (SXOP)
– 130.58 = OP
– 130.45-42 = confluence area of .618 ret and objective point (OP)
In case the price reverses up, possibly within the impulse daily wave, the nearest targets will be Fibonacci retracements of the wave down starting from 133.75 (wave not developed yet).
Overbought/Oversold
The Detrended Oscillator is moving into the oversold, confirming the downtrend. Assuming that the movement down is corrective it’s advisable to stand aside, until the uptrend reveals itself, or venture near-term short positions within the corrective wave.
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