Wave summary:
With a break below support at 132.16, the odds favor red wave 2 having ended early at 133.39 and a new impulsive decline in red wave 3 lower to 128.07 as the next downside target. That said, we would like to see a break below support at 131.58 as well to confirm the downside pressure in red wave 3.
Short-term resistance is now seen at 132.20 and again at 132.47.
Trading recommendation:
We sold EUR at 132.15 and will place our stop at 132.65. If you are not short EUR yet, then sell near 132.20 and use the same stop at 132.65.
