General overview for 10/06/2015 16:40 CET
After breaking out below the technical support and both of the weekly pivot supports, the market is developing a proper irregular flat corrective cycle, labeled on the chart as waves (a)(b)(c) blue. The first three waves of the wave (c) blue had been made. Now, the market is in a corrective sub-cycle wave (iv) green. When this wave is completed, one more wave to the downside is expected, with the first target at 1.2163.
Support/Resistance:
1.2201 - Intraday Support
1.2256 - WS2
1.2269 - Intraday Resistance
1.2163 - Projected Target For Wave (v)
Trading recommendations:
The corrective cycle is about to complete and the market should resume uptrend soon. For now please stay aside and wait for the reversal confirmation.
