Technical summary:

Has a bottomed been seen or will we see one final decline closer to 125.98? Well, that's the question. As long as resistance at 131.74 protects the upside, one more decline closer to 125.98 cannot be ruled out. However, that possibility seems weak above 131.74. If a bottom has been seen, we should start to consider what the coming impulsive rally will look like. First clue is the expanded flat wave 2. The rally following an expanded flat should always be expected to be an extended wave. The minimum expectation to an extended wave is 161.8% of the previous impulsive wave. That would leave us with an upside target at 209.66. But we don't have the GO! yet to look for the next impulsive rally higher.

Trading recommendation:

We are long EUR from 130.05 and will move our stop higher to 130.35.