Technical summary:
There are no changes in view here. Red wave ii is likely to take a little longer than we expected, but otherwise the outlook continues to stay bullish for a rally higher to 141.00.
Red wave ii seems to be a flat correction calling for a move closer to 134.40 before the next rally higher takes place, this time is ideal for a break above resistance at 135.71 confirming the next rally higher.
It will take an unexpected decline through support at 133.44 to invalidate the bullish outlook.
Trading recommendation:
We are long EUR from 135.10 and will keep our stop at 133.45. If you are not long EUR yet, then buy near 134.40 and use the same stop at 133.45.