Wave summary:
We continue to look for more downside pressure to important support at 131.14 and a break below here will confirm that wave (D) completed with the test of 134.50 and wave (E) lower to 123.43 is developing.
Short-term resistance is now seen at 132.78 and again at 133.76, which needs to cap the upside for the expected decline towards 131.14.
R3: 133.89
R2: 133.76
R1: 132.78
Pivot: 132.11
S1: 131.70
S2: 131.14
S3: 130.56
Trading recommendation:
We are short EUR from 133.40 with stop placed at 133.80.
