Current risk off envirnoment spured sell off on that pair. Last week close below 112 added to bearish view ( notice: TL break, retest, rejection ) Attempt to rally above 112,50/80 might be the selling opportunity. 110,00/20 as first possible target, around 108 next and 105/104.
Weekly close above rising TL will put the idea on hold and weekly close above 116 cancel bearish view.