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Wave summary:
The strong decline from 137.50 confirms that the wave (D) finally has peaked and the wave (E) lower towards the ideal target at 123.43 now is developing.
In the short-term, we will be looking for a corrective rally to 135.31 and likely even closer to 135.73 before the next strong decline towards 131.24 starts.
R3: 135.73
R2: 135.31
R1: 134.80
Pivot: 134.20
S1: 133.96
S2: 133.62
S3: 133.01
Trading recommendation:
We sold EUR at 137.30. We will book half profit here at 134.70 for a nice quick profit 260 pips. We will sell EUR again at 135.60 and place our stop at 137.00 for the rest of our position.
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