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.