The pair has touched 111.50-60 area as predicted in the earlier chart, now the price didn't reverse suddenly or spike up when this area was cleared which leads me to believe that the larger corrective structure is here to stay and we ain't getting any larger trends, well that don't mean we can't trade the pair, currently I could visualize a new channel taking shape and I believe we can go short for around 50 pips a day target, very short term since if I am correct we would be going up and down within this channel which I highlighted in yellow. A large reversal or continuation looks unlikely according to the current price action.
