Earlier this evening we had a strong bearish rejection from the 50% FIB level from the last leg, I believe this will begin our third leg to the 111.237 area. With JPY news this evening and USD news tomorrow morning, it should be an interesting third leg!
Once this third leg is completed, look for a bullish run back up! My suggestion (if you aren't already in this short) would be to wait until it completes the third leg to go long :D