Now the targets above 1.0687 are Fibonacci expansions 1.0145-1.0377-1.0231, 1.0231-1.0573-1.0427, 1.0427-1.0687-1.0591.
Resistances:
- 1.0752 = contracted objective point (COP)
- 1.0769 = objective point (OP)
- 1.0838 = super expanded objective point (SXOP)
- 1.0851 = OP
However if the price reverses to the downside the immediate supports will be Fibonacci retracements of 1.0231-1.0687, 1.0427-1.0687.- 1.0769 = objective point (OP)
- 1.0838 = super expanded objective point (SXOP)
- 1.0851 = OP
Supports:
- 1.0557 = .50 retracement
- 1.0526 = .618 ret
- 1.0513 = .382 ret
- 1.0459 = .50 ret
- 1.0526 = .618 ret
- 1.0513 = .382 ret
- 1.0459 = .50 ret
Overbought/Oversold
The larger wave is still going up, that's why it's prefereable to open longs when the Detrended Oscillator goes below the zero level (current prices) or into the oversold area (20-30 pips below the current prices).
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