This currency pair is moving within the flat limited by 0.9662 and 0.9889. The breakout of the flat will show the direction of the med term trend. According to wave count the long term wave 0.8772-1.0002 is over and being corrected. Wave A of the med term downtrend 1.0002-0.9662 is also being corrected.
The targets of the corrective upmove are Fibonacci retracements of 1.0002-0.9662 and expansions off 0.9662-0.9889-0.9742.
– 0.9872-82 = confluence area of .618 retracement and contracted objective point (COP)
– 0.9969 = objective point (OP)
In case the price resumes the med term downtrend the nearest supports will be Fibonacci retracements of 0.9662-0.9889, 0.8772-1.0002, 0.8966-1.0002, and expansions off 1.0002-0.9662-0.9889.
– 0.9749 = .618 ret
– 0.9679 = COP
– 0.9549 = OP
– 0.9532 = .382 retracement
The Detrended Oscillator is in the overbought. And, assuming that the med term wave up is corrective now is the time to seek for topping signals – the price has reached Fib resistance at 0.9833 (of wave 0.9889-0.9742) and got into the overbought.
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