Could be covering some ground here, to obtain some better short positioning on euro all round. General trend bearish since '08, and it didn't have the power to break through to the upper side of the wedge. Instead, we saw accumulation above the pivot in April before a pretty clean break of the wedge bottom, with pullbacks occurring and not being able to close above the trendline. Still some way to go for yearly S1, final accumulation of short positions could do it.