Wave summary:
We have seen the expected run higher. This run even exceeded the expected target at 133.15 and has likely peaked at 133.89 for a new impulsive decline towards 128.36 on the way lower to ideal target for wave (E) at 123.43.
Short-term a break below minor support at 132.60 will be the first strong indication that wave ii has completed, while a break below support at 131.88 will confirm this is the case and wave iii lower to 128.36 is developing.
R3: 134.50
R2: 134.13
R1: 133.89
Pivot: 133.16
S1: 132.60
S2: 131.88
S3: 131.36
Trading recommendation:
We sold EUR at 133.10 with stop placed at 134.55.
