Simple weekly time at mode setup.
EW analysis points to this being a triangle wave e completion.
I'm willing to take this short ahead of the weekend news, since I think it's likely to work.
Good luck if you decide to take it with me.
Trade closed: stop reached:
Was a good short term short though.
We're close to resistance. I'd like to sell the top, but it's dangerous to asess that just now.
Going long is also a no go if you missed the entry on my other publication.
Ultimately this is corrective and will resume the downtrend (with crude) I believe.
It's possible but it can rally to 1.138 and still be a valid short. I'd rather wait, August's around the corner.
FOMC this week, I think the rally will go on some more before being a seriously good short.
Above 1.14-1.15 I'd question the downtrend in the weekly.