According to wave count this currency pair has just developed wave 135.03-126.43 (wave A) and is now developing corrective wave B - colored light green in the chart. Within this larger wave there's a set of 5 subwaves - colored yellow. The targets of the upmove are Fibonacci retracements of 135.03-126.43, and expanions off 126.43-127.39-126.80, 126.80-129.12-128.86.
Resistances:
- 129.31 = super expanded objective point (SXOP), reached already (!)
- 129.72 = .382 retracement
- 130.29 = contracted objective point (COP)
- 130.73 = .50 ret
- 131.18 = objective point (OP)
The subwave up from 126.43 will be finished when 128.86 is broken to the downside since this is the base of wave 5. In this case the nearest supports will be Fibonacci retracements of the wave up starting from 126.43.
Overbought/Oversold
The Detrended Oscillator is moving back down to the zero level, confirming weakness of the buyers. Assuming that the prevailing trend is up it's preferable to seek for bottoming signals to enter long when the price hits a Fibonacci support (not yet available) or when the oscillator gets below the zero level - 15-25 pips to go.
Read more on how to apply Fibonacci studies to calculate price targets.