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.