We continue to look for a corrective rally towards 132.50 before the next impulsive decline lower to 127.60 should be seen.
In the short term, a breakout above minor resistance at 130.93 will call for a continuation higher to the levels of 132.27 - 132.50, with an ideal target at 132.50. Once this target has been reached, the risk will turn lower again for the final decline in wave iii closer to 127.60.
We are long EUR from 130.08 with stop placed at 129.95. Upon a breakout above 130.93 we will raise our stop to 130.20. If you are not long EUR yet, then buy on a breakout above 130.93 and use the same stop at 130.20. Take profit should be placed at 132.25 in both cases.