According to wave count this currency pair is now developing wave 5 of daily degree (colored royal blue on the chart). The targets of this wave are Fibonacci expansions off 0.8772-0.9183-0.9091 (waves 1-2), 0.9091-0.9599-0.9462 (waves 3-4).
Major resistances:
- 0.9756 = expanded objective point (XOP)
- 0.9776 = contracted objective point (COP)
In case the price resumes short term corrective wave B (colored orange red on the chart) its targets will be Fibonacci retracements of wave 0.9462-0.9622.
Supports:
- 0.9561 = .382 retracement
- 0.9542 = .50 ret
- 0.9523 = .618 ret
Daily wave 5 will be over when 0.9462 is broken to the downside since this is the base of wave 5.
Overbought/Oversold
The Detrended Oscillator is moving into the oversold area confirming the corrective movement. Assuming that the prevailing trend is still up it's recommended to enter long on weaknesses - i.e. when the price hits a Fibonacci support or gets into the oversold which is 20-30 pips below the current price level.
Read more on how to apply Fibonacci studies to calculate price targets.