Price is continuing to follow market structure with the creation of LHs and LLs, I am expecting a great impulse reaction stopping out any short sellers in the market to a hot liquidity spot that will allow for the initiation of long term shorts to fill the daily range all the way down to the 1.12500s. SL is tight as there could be possibility of further upside movement if the liquidity area favors more buyers than sellers but ultimately have a bearish bias on the pair in the long term i.e. should be seeing price react to the level fast, no consolidation but enough of a reaction to leave a wick for rejection. I'm not buying the pair personally and am waiting for the reaction if and when it reaches the area.