Wave count on larger timeframes shows that this currency pair is now developing corrective wave 4 of the daily uptrend (colored royal blue). The targets of the wave are Fibonacci retracements of wave 3 (0.8905-0.9221) and expansions off smaller A-B waves (yellow) - 0.9221-0.9140-0.9195:
- 0.9145 = contracted objective point (COP)
- 0.9114 = objective point (OP)
- 0.9100 = .382 retracement
- 0.9064-63 = confluence area of expanded objective point (XOP) and .50 ret
In case 0.9221 is broken to the upside the nearest strategic target is:
- 0.9340 = OP
Overbought/Oversold
The Detrended Oscillator is around its zero level going to the overbought. Assuming that the major trend is up, it's better to look for bottoming signals when the price reaches one of the Fibonacci supports listed above (0.9145, 0.9114, 0.9100) and enter long.