We seem to be finding some strong resistance at the 111.500 area. A Grave Stone Doji and a Shooting Star have formed on my monthly resistance, this indicates to me maybe we are coming to a end of its uptrend and can start to see some downwards momentum.
If you decide to take this trade and go short, your stop loss should be placed at around 112.000 area and i have inserted a price label on Target One and Target Two. We are aiming to gain around 200 pips.