Wave count on hourly TF shows that this currency pair is developing a strong med term downtrend. All the waves and subwaves are impulses. 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, 133.29-132.00-132.56:- 130.47 = expanded objective point (XOP)
– 130.20 = XOP
– 129.96 = XOP
– 129.83 = objective point (OP)
– 129.18 = super expanded objective point (SXOP)In case the price reverses and goes up the nearest resistances will be Fibonacci retracements of the wave down starting from 133.31.
