Wave summary:
Our preferred count shows that wave (D) completed with the test of 134.45 and wave (E) now is developing for a final decline to 123.43 from where a strong impulsive rally is expected.
Short-term resistance at 133.15 should continue to cap the upside for a break below 132.29 for a continuation towards 128.36 and 125.29 as the next downside targets. Even if resistance at 133.15 is broken, overhead resistance will be seen just above at 133.32, which should cap for a new turn lower.
R3: 133.98
R2: 133.32
R1: 133.15
Pivot: 132.75
S1: 132.29
S2: 131.93
S3: 131.42
Trading recommendation:
We sold EUR at 132.59 with stop placed at 134.55.
