This currency pair is moving within wave 5 of the medium term uptrend - colored red in the chart. The targets of this wave are Fibonacci expansions off 0.9651-0.9819-0.9678 (waves 1-2), and 0.9678-1.0022-0.9893 (waves 3-4).
Resistances:
- 1.0106-0118 = confluence area of contracted objective point (COP) and super expanded objective point (SXOP)
- 1.0237 = objective point (OP)
In case the price reverses down for a correction the nearest supports will be Fibonacci retracements of 0.9651-1.0064.
Supports:
- 0.9906 = .382 retracement
- 0.9857 = .50 ret
- 0.9809 = .618 ret
Overbought/Oversold
The Detrended Oscillator is at the zero level. Assuming that the prevailing trend is up it is preferable to seek for bottoming signals to enter long when the price hits a Fibonacci support or gets into the oversold area - 20 pips to go.
Read more on how to apply Fibonacci studies to calculate price targets.