The price started to drift lower in the new trading day. The last few hours have seen an acceleration to the downside after the pair broke back below the 1.36896 to 1.36988 swing area. More recently, the price has moved below its 100 hour moving average at 1.36708 and is increasing the bearish bias
The next down side targets come at 1.36537 and 1.36403. Below those levels and traders will start to high the swing lows from September at 1.36088 reached earlier this week followed by the August swing low at 1.36016.
The 100 hour moving average is now close risk. The best case scenario for shorts is stay below that level. Traders looking for a rebound would want to see the price move back above that level and then start to extend toward the 1.36896 to 1.36988 area.