But this is starting to look like a big bull flag.

There’s a squeeze. Both sides are within 70 pips of the 200-sample extreme. No upper hand here. One quick stab from either side and the other one gets left behind in the shed for a beating. I decided to stop shorting for now.

The yellow trendline does not even get touched anymore.

Maybe a quick dip lower first, to the green support zone, but can’t see much reward here.

The 9-day EMA is too close for comfort as well.