Wave summary:
Despite another run close to the top at 136.31 we remain firm in our belief that this rally is corrective and a new decline below 135.00 soon will be seen, confirming our expectation for a decline close 131.11 and longer term a much deeper corrective decline towards 123.43 in wave (E) of the huge triangle consolidation, which has been unfolding since July 2008.
R3: 136.64
R2: 136.31
R1: 136.03
Pivot: 135.55
S1: 135.00
S2: 134.78
S3: 134.37
Trading recommendation:
We are short EUR from 134.75 with stop placed at 136.75
