Technical summary:

A series of waves one's and two's has been developing, but should soon be offset with a series of waves three's and four's, which means the decline towards 125.98 will consist of small sharp dips followed by small corrections, but all the time moving lower towards the ideal target. At no point we should see a break above 133.59 as it will confuse the overall count, but only a break above 134.60 will invalidate the bearish count.

Trading recommendation:

We are short EUR from 133.90 and will lower our stop to 133.65. If you are not short EUR yet, then sell a break below 132.06 with the same stop at 133.65.