Technical summary:
We are going nowhere at the moment. Red wave ii is still unfolding, but should be coming to an end soon and should lead to a break above minor resistance at 135.71 for the next impulsive rally towards 138.08 in red wave iii. Wave iii is likely to extend even more greatly.
The short-term support is seen at just below 134.40 and will ideally protect the downside for a break above minor resistance at 135.71. It will take an unexpected breakout below support at 133.44 to invalidate the bullish outlook.
Trading recommendation:
We are long EUR from 135.10 with stop placed at 133.45. If you are not long EUR yet, then buy near 134.40 with stop placed at 133.45
