Wave summary
We see no reason to change our expectation of a resistance at 136.10 being able to cap the upside for a break below support at 135.00 for a decline to 131.11, from where a new corrective rally is expected.
Short-term a break below minor support seen at 135.42 will indicate more downside pressure, but only a break below the pivot point at 135.25 will open up the downside.
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.
