Technical outlook and chart setups:
The single currency pair is targeting 129.00/128.50 levels at the moment. There is no change in the underlying structure, from what has been discussed earlier. Immediate resistance is at 132.00; followed by 133.50/134.00. It is recommended to remain short for the intermediary downswing targets around 127.00 at least. All intraday rallies should be well capped below 132.00/50 now. Supports are spread through 129.00, followed by 127.00 and lower. The Fibonacci extensions are pointing at 127.50 as minimum targets and 125.00 towards lower. Looking lower for now with immediate resistance at 132.00/50.
Trading recommendations:
Hold short positions, stop is at 134.00, and target is at 127.50.
Good luck!
