According to wave count this currency pair is developing corrective wave B to the impulse 127.62-135.03. The targets of the downside movement are Fibonacci retracements of 127.62-135.03 and expansions off 135.03-133.86-134.43.
The nearest supports remain basically the same:
- 132.54 = expanded objective point (РҐРћР )
- 132.20 = 0.382 retracement
- 131.37-32 = confluence area of super expanded objective point (SXOP) and .50 retracement
- 130.45 = 0.618 ret
The downside movement will be over in case 134.43 is broken to the upside, since this level is the base of the last subwave C (colored yellow on the chart). The corrective wave will definitely be over in case 135.03 is also broken, since this is the top of wave A. So far we can not calculate any targets above, since the retracement isn't yet over.
Overbought/Oversold
The Detrended Oscillator is in the oversold area. And assuming that the downside movement isn't over yet, it's a bit too early to look for bottoming signals to enter long. Shorts may be better favored, but only on strength, i.e. against resistance levels. The nearest overbought (resistance) is 65-80 pips above the current price.