There are 2 possible situations that I believe are most likely to occur from here.
Situation 1 - We either form a double bottom or bounce off of the very key monthly/weekly line of 1.145 before heading higher to around the 1.20 mark. What we would then have is a textbook head and shoulder pattern which would be a very good shorting opportunity.
Situation 2 - The bears show they are in full control this week and break the very key monthly/weekly line. If this occurs I will be looking for a re-test of 1.145 in order to capitalise on the bearish momentum.