Technical outlook and chart setups:

The single currency pair has done with testing the back side of the immediate line of support, as depicted here. It is looking for a break below 130.00 for the fall to accelerate rapidly. Immediate resistance would be 132.00 level, followed by 134.00; while supports would be 129.00 and 127.00 on the lower side. It is highly recommended to remain short and also look to add further on rallies. The current wave structure would be possibly a Head and Shoulder and a huge retracement lower could be under way. The extensions are pointing towards 127.00 and 123.00 atleast. Looking lower for now.

Trading recommendations:

Remain short, add further on rallies, stop is at 134.25, and targets are at 127.00 and 123.00

Good luck!