Another range-trading day. Likely due to the US Thanksgiving holiday and today only being half a work day. So we do not expect much action to be seen before the start of next week.
We continue to favor the bearish outcome and a break below support at 127.94 for a decline towards 123.66 to complete wave (E) and a long-term low being in place for the next impulsive rally.
Resistance is now seen at 129.05 and more importantly at 129.23. Only a break above the later, will invalidate our bearish view and call for a rally towards 130.13 on the way higher to 133.00.
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+revers placed at 129.50.
