Technical outlook and chart settings:
There is no change in the wave structure as depicted on the chart view here. This currency pair has again tested resistance at 130.00/50 levels yesterday during New York session, and is falling back in the sell zone at the moment. Today's move could bring the end of wave 4 and wave 5 could take prices to as low as 123.00 levels in the coming trade sessions. It is therefore recommended to remain short and in fact sell during intraday rallies towards 130.00/50 levels. Resistance major is fixed at 131.00 while supports are at 127.00 and 125.00 immediately. A break below 128.50 now, would accelerate further downside. Looking lower from here on.
Trade recommendations:
Hold on to short positions, stop at 131.30/40, target open.
Good luck !
