Technical summary:
We are still looking for a break below minor support at 133.39 to provide acceleration lower in red wave iii towards 131.04 as the first target. In the long term, we are looking for a decline towards 125.98 as the final low for wave C expanded flat correction from the December 2013 high at 145.69. At that point, a break above minor resistance at 134.60 will delay the expected downside pressure, but only a break above 135.63 will invalidate an immediate bearish count.
Trading recommendation:
We are short EUR from 133.90 and will keep our stop at 135.70. If you are not short EUR yet, then sell a break below 133.39 with stop at 134.65
