Technical summary:

The decline towards the ideal downside target at 125.98 is unfolding nicely. Short term, we expect minor resistance at 131.88 to protect the upside for a break below minor support at 131.18. That is likely to confirm decline to 130.06 before the next minor consolidation takes place. This decline should continue to move lower in baby steps. At this point, only a break above 133.59 is likely to invalidate the bearish count.

Trading recommendation:

We are short EUR from 133.90 and will move our stop lower to 132.15. If you are not short EUR yet, sell around 131.88 with the same stop at 132.15.