Today the Asian session high stalled near a swing area between 110.222 and 110.263. That was another invitation for sellers to enter and the prices started to move lower. The price during the early London morning session fell back below the 100 and 200 hour averages near 109.985 (call it 110.00). More selling.
Now, the hourly moving averages and 110.00 level is resistance. On the downside, the pair is approaching the 100 day moving average at 109.767. Move and stay below that level and traders will be eyeing the swing lows from August 25, August 31, an September 3 which came in between 109.564 and 109.581.
Since August 16, the price has been between 109.407 and 109.442 (that's 17 days now) there been plenty of moved up and plenty of moves down. In between sits the near converged moving averages. The 100 day moving average has seen its share of moves above and below its level as well.
Some point, the price will break and get out of this mudhole. Until then traders will sell higher by low and pivot in between.