General overview for 28/10/2016:

The rising wedge pattern that is in progress clearly indicates the possibility of another sell-off as the growing divergence between the price and the momentum indicator is waiting for confirmation. The sudden decline towards the demand zone has been labeled as the wave -a- (black) of the overall corrective structure. This recent high might be labeled as wave -b- (black). There is still wave c (black) missing from the overall correction. The projected target for wave c (black) has been raised to the level of 1.3250, just below the weekly pivot at the level of 1.3255.

Support/Resistance:

1.3400 - Local High

1.3397 - Wave a Top

1.3290 - 1.3311 - Demand Zone

1.3255 - Weekly Pivot

1.3157 - WS1

Trading recommendations:

Day traders might again consider opening the sell orders with SL just above the recent swing high and TP at the level of 1.3255.