This currency pair has developed wave 0.8772-1.0002. Now the pair is moving within a corrective wave to this movement. The targets of the corrective downmove are Fibonacci retracements of 0.8772-1.0002, 0.8066-1.0002, and also Fibonacci expansions off 1.0002-0.9800-0.9956.
Supports:
- 0.9629 = expanded objective point (XOP)
- 0.9606 = super expanded objective point (SXOP)
- 0.9532 = .382 retracement
In case the price keeps advancing the nearest resistances will be Fibonacci retracements of 0.9902-0.9662, 0.9956-0.9962.
Resistances:
- 0.9774-82 = confluence area of .382 and .50 retracements
- 0.9809-10 = confluence area of .50 and .618 retracements
- 0.9844 = .618 retracement
Overbought/Oversold
The Detrended Oscillator is in the oversold, and, assuming that the medium term trend is down, it's a good opportunity to short the market on confirmation of topping signal.
Read more on how to apply Fibonacci studies to calculate price targets.