We continue to look for more downside towards 123.66 to complete wave (E) of the huge triangle consolidation, that has been ongoing since July 2008.
A break below minor support at 127.85 will confirm renewed downside pressure towards 126.62 and 124.89 on the way lower to the ideal target at 123.66 where a long-term bottom is expected for the next impulsive rally.
R3: 130.13
R2: 129.40
R1: 129.06
Pivot: 128.90
S1: 128.40
S2: 128.00
S3: 127.74
Trading recommendation:
We are short EUR from 128.75 with our stop placed at 129.75. Upon a break below 127.74 we will lower our stop to 129.10.
