The range for this pair continues to tighten in the ongoing downtrend, the 61.8 line therefore shifting quite noticeably as the entire market slows down prior to Wednesday. A good shorting target might be about 1.1275 once the current peak is stabilised but this is a real test of patience; set your alerts and keep an eye on the news feeds - if we see another bounce at 1.130 it might be capitulation time and the moment to join the buying spree.
Any significant breakout is likely to happen quite quickly.
Any significant breakout is likely to happen quite quickly.