Low from Friday also in play
It has 4-5 hours since the 200 hour MA was tested. There has been a new low, but that just moved to test the low from last Friday at 109.32. The 200 hour MA is currently at 109.47 and the price is scraping against both those levels.
The same rules apply....move below the 109.47 and 109.32 level, and the pair will target the 100 day MA at 109.011.
The high price since bouncing off the support reached 110.07. That was near the low from Tuesday's trading. Between that, and the low from last Friday at 109.32, is the swing low from Monday at 110.657. On the topside, get above those levels and the selling will be over.
So traders have defined the range from the recent lows, and they all await the next shove.