Stop placement at 109.90 level (recent lows)
Long breakout over 111.00 (outside the )
Profit Target at 114.37 (the most recent 1H/ 1D high)
Preferably price will break upwards out of the and close with price consolidating around the 111.00 level into a pattern (buyers holding to the highs).
If there is further continuation of the downtrend within the under 109.90 I will cancel the trade.
An upwards breakout may also provide great opportunities for intra-day trading over the coming month.