We continue to look for a decline towards 120.95 after the break below key-support at 124.25. The break below key-support at 124.25 has shifted the short-term bias to the downside.
Minor resistance is now seen at 125.00, which we expected will be able to cap the upside for a break below minor support at 124.25 confirming renewed downside pressure towards the 120.95 target.
R3: 125.70
R2: 125.25
R1: 124.69
Pivot: 124.25
S1: 123.75
S2: 123.04
S2: 122.62
S3: 122.21
Trading recommendation:
We are short EUR from 124.25 with our stop placed at 126.20
