This currency pair is now moving within corrective wave 4 of the intermediate downtrend. The longterm trend is also down. The targets of the corrective wave 4 are Fibonacci retracement points of waves 0.8568-0.8319, 0.8778-0.8319 and expansions off 0.8319-0.8512-0.8376.

Price targets above the current level:

- 0.8495 = contracted objective point (COP)
- 0.8509 = .764 retracement
- 0.8549 = .50 retracement

In case the price keeps declining, the targets will be Fibonacci retracement points of 0.8066-0.8861, 0.8319-0.8512, and expansions off 0.8778-0.8319-0.8512.

Price targets below the current level:

- 0.8393 = .618 retracement, reached already
- 0.8366 = .764 retracement
- 0.8254 = .764 retracement
- 0.8228 = contracted objective point (COP)

Overbought/Oversold

The Detrended Oscillator is now under the zero level. Considering the prevailing downtrend, short positions are favored if topping signals occur against the nearest Fibonacci resistance 0.8495, when the market is overbought.