After ranging consolidation, in the early hours of this morning we witnessed some heavy bullish momentum to complete the new head and shoudlers at 111.500
this is the same region that on the one hour chart you can identify the left shoulder on this particular pair.
on the hour chart we can identify an Evening Star candle and should the market respect this level we could see a Bearish break down to 111.200 - 111.150
my entry would be placed at 111.340 which is also 0.618 on the Fibonacci retracement tool, stop loss being at 111.450 and take profit at 111.090