The corrective rally from 128.93 is extending higher to resistance in the 133..55 - 133.68 area. Once this B-wave rally is complete more downside pressure is expected in wave C of (E). The wave C should ultimate a break below support at 128.93 for a decline towards the ideal downside target at 123.43.
For now, we need to allow for the extended B-wave to run its course closer to the resistance area between 133.55 - 133.68.
R3: 133.55
R2: 133.39
R1: 133.00
Pivot: 132.61
S1: 132.39
S2: 132.08
S3: 131.84
Trading recommendation:
We will sell EUR at 133.50 or upon a break below 132.61
