As you can see, price is respecting the 111.40-111.50 level. This level has held firm in the past as a previous resistance and it is also matching up with my fibonacci reversal level of 78%. Not only have we got these the 2 confirmations, our is matching up nicely with the prospect of a third bounce, which I believe to be the highest probability of a continuation of the trend.
Price has began to consolidate at this level and we have seen a number of 4h and 1h wick rejections of 111.30, however a break and close below the box and this level would give me a good confirmation that price may be set to continue to the downside and a short entry will executed.
In terms of my target on the trade, id be looking at the monthly support at 110.00, a 130 pip short trade set up.
My bias on the pair is short over the coming week, however a higher time frame break of the 111.50 level will invalidate this set up and I would take a back seat on this pair.
Just an idea.