I like this idea and it is in agreement with fundamtentals. The only question is when is the right time to enter the trade. I will look for price action, it could be around 1.11176 hence there is an important level.
Hopefully :-) But the idea here (if we have already entered into a trading session) is how long would that upward correction last, and how big would it be, before we enter into the money. Time and Equity are important considerations when we make our bets in order to know how long we may wait (time), and how strong our position is (equity). Cheers