Capturing the downward cyclicity on smaller times frames offers a handsome reward:risk. The anticipated move down is into the previous consolidation area at ~1.1035 where price also has to opportunity to connect with the 50 and look long again, on the . Hence, shifting focus to collect points on the way south on the 60 minute chart, there is visibility of successive lower highs and lower lows.
Entry into a short position on this setup, on the 60 minute or 15 minute chart, is at the low (labelled on the chart) (~1.1157), with a stop loss, preferably above the high. However, since I am viewing this chart now, I would enter at the same level (since presently price is retesting this level, otherwise I would give it a miss) with a tighter stop above the lower high following the high. Potential reward:risk = 4:1.
Some basic housekeeping on this trade would be to trail the stop loss above previous highs upon seeing a new low and lower high (from the previous high).