Technical summary:

It' s not yet quiet clear whether wave C of the expanded flat correction has terminated or one final decline closer to 125.98 is missed. Our count argues for one more decline and a break below minor support at 128.24 that is likely to support the case for one final decline closer to 125.98. On the flip side, a break above 130.04 would indicate that a firm bottom is already in place at 126.87 and a break above 131.74 is going to confirm that outlook.

Trading recommendation:

We will sell EUR upon a break below 128.24, but on the other hand we will like to buy EUR upon a break above 130.04, so we will place both orders, with one order done will cancel the other.