According to wave count this currency pair is now developing impulse wave C of the med term uptrend - colored red on the chart. The targets of the upside movement are Fibonacci retracements of 137.75-128.77 and expansions off 128.77-132.01-130.43:
- 133.67 = objective point (OP)
- 134.32 = .618 retracement
- 135.67 = expanded objective point (XOP)
In case the price resumes its downside movement the nearest supports will be Fibonacci retracements of 130.43-133.59 and 128.77-133.59:
- 132.01 = .50 ret, reached already
- 131.75-64 = confluence area of .382 and .618 retracements
- 131.18 = .50 ret
- 130.61 = .618 ret
Overbought/Oversold
The Detrended Oscillator is in the oversold area. Assuming that the prevailing trend is still up, it's advisable to seek for bottoming signals to enter long against one of the Fibonacci supports listed above.