The main trend now is still strongly bearish. My target is around 1.1600/700. However for now I would be really cautious to short at this level (now it's 1.2240 at the time of writing). I would wait for the retracement to the 1.2400 area to look for a short signal. If you really want to short now, you should have a tight stop or above the weekly high at 1.2330 area with a short term target at 1.2140/60. You know I even feel like 1.2000 may come in the near term.