General overview for 29/10/2015 09:00 CET
The updated labeling of the hourly chart suggests a possible continuation of the corrective cycle in the wave 4 purple instead of an impulsive wave progression to the upside. There is still a possibility of another higher high in the wave 5 purple, but the recent developments in lower time frames does not support this view. The current labeling will be invalidated if the level of 1.3276 is violated.
Support/Resistnace:
1.3316 - WR1
1.3276 - Local High
1.3223 - Intraday Resistance
1.3109 - Weekly Pivot
1.3089 - Intraday Support
Trading recommendations:
All buy orders should now be closed and day traders should refrain from trading until next trading setup occurs.