Wave summary:
No change in our view.
We are looking for a break below minor support at 134.95 to confirm that wave B has completed and wave C lower to 131.11 is developing. Short-term a re-test of the resistance at 136.10 could be seen, but this resistance is expected to cap the upside for a break below 134.95 confirming more downside pressure is developing.
R3: 136.64
R2: 136.32
R1: 136.10
Pivot: 135.25
S1: 134.95
S2: 134.80
S3: 134.35
Trading recommendation:
We are short EUR from 134.74 with stop placed at 136.75. Upon a break below 135.00 we will move our stop lower to 136.15.
