UPDATE #1: The current market price is a good selling entry level. This same pair has formed another pattern on the daily time frame. I have entered into short position based on the daily . Check out the daily pattern that I have recently posted, in the related ideas below.
We've just gotten the completion of a pattern, it is important to note that this is on weekly time frame. This causes our stop loss to be pretty big, but the risk to reward ratios work in our favor. Notice the black that has been tested at least twice within the 4 year interval and hiding our stop loss above this major will be advantageous to us. I would consider this more of an outlook instead of an actual trade setup, especially because of the huge stop loss. The major weekly trend is very and having a good in the direction of the major trend is worth keep an eye on. I am personally on this pair and will be looking for any type of shorting opportunities on lower time frames.
Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
I used my own methodology, in fact have a post on this chart, will average the entry, stop is at 1.16577. Next order is at 1.14989, and the last is a very aggressive one at 1.16492, same stop for all. Total of 0.5% risk each.
Target is a 700 pip decline, minimum of 350.