The analysis identifies a reaction at the 50% Fibonacci retracement level. The analyst is awaiting further confirmation before considering a long position. A decisive break above the trend channel at approximately 0.4310 is needed. The analyst wants to see a breakout above the Thursday high of 0.4380 to 0.4390. The analyst's target is the 138% Fibonacci extension level at 0.4885. Holding above the Saturday low of 0.4120 is crucial, requiring a five-wave move. Analyst says there is already a five-wave move although he stated it is very tiny compared to the downside move.