Today, the downward momentum continued at a more modest pace. However the pair is finding some support near the 38.2% retracement of the move up from the June 29 low at 1.25092. That level also corresponds with the swing low from July 8 at 1.25078. The low today reached 1.25053.
Getting below and staying below the 38.2% retracement is needed to keep the bears satisfied and more in control. A move below the level will have traders looking toward the 50% retracement and swing low from July 7 near the 1.24599 level.
Risk for sellers now would be if the price cannot get below the 38.2% retracement (or fails on a break) and extend back above its 200 hour moving average at 1.25486 (green line in the chart above). If done, the correction lower would just be a plain-vanilla 38.2% retracement test, and the move back above the 200 hour moving average would also be a worry for shorts.
Until then however, the bias remains more in the favor of the sellers - albeit with more to prove (get below the 38.2% and stay below).