I believe we're approaching final leg of an UJ Elliott wave which may lead us to 114.8 (TP1) - 114 (TP2) levels, which can prove some support and start the retractment pattern. I expect leg 4 to continue a bit more towards MA200 before the next leg down.
Disclaimer: this is a personal opinion, I'm not responsible if you decide to follow this.
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Cityfox
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Been looking at your chart again...it may go to 118.10-118-30
Moraelin
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Yes, the 4th leg can retract towards 118 and that may prove the point of reversal, it's also an important number. Barring any special events next week (ECB decision on Thursday may temporary impact this). In that case Fibs will have to be layed out when reversal become clear.