The price has moved down to test a downward sloping trendline connecting recent lows on the hourly chart. That level currently comes in at 1.1039. The low price just reach 1.10369 and has bounced. The current prices trading at 1.1049.
Traders will now watch the lows from yesterday near 1.1057 as close intraday risk. Stay below, and the sellers remain in firm control, and more downside momentum can be expected.