We have seen the expected break below support at 124.20 indicating more downside pressure towards 123.37 and 122. 62 on the way towards the 120.95 where a bottom is expected.
Short-term resistance is seen at 124.42 with back-up resistance at 124.74. On a break above the later, will ease the immediate downside pressure and call for a move closer to 125.27 before lower again.
R3: 125.27
R2: 125.00
R1: 124.75
Pivot: 124.42
S1: 123.75
S2: 123.37
S3: 122.62
Trading recommendation:
We are short EUR from 124.25 with our stop placed at 126.20.