Trade setups and other nonsense from 
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I would like to see much, much more movement on this pair downward. It’s just a 5 minute chart, so what should we really expect from it? The fact that the pair broke the trendline just because it went sideways is a concern to me. The fact that it broke the trendline and then did nothing — that is also a concern.
The stop loss is up at the red dashed line. I’m going to give this trade a little bit more time.
I took this trade - a sell at 111.45 around 2pm GMT July 1. I took it because this is a corrective wave, and I counted 5 waves to the top of this wave A. I set my target at 110.45, just above a fibo related figure from the recent high to the recent low. It closed with +90 pips - this is one of the easiest elliott wave-fibonacci trades for me to take. A sideways move in this case is a good sell trade on correct counting on the 5 minute chart. Now as I write this it is climbing again, now at 211.16, as expected in the corrective formation.