The pair has been trading above and below the 200 bar MA, but has dipped further to the downside.
Intraday, watch the 200 bar MA at 123.412 and the 50% midpoint at 123.544 for resistance now if inclined to trade the short side.
Giving the sellers some additional hope comes from the weekly chart below.
The move to upside today saw the price move above swing highs from Nov/Dec 2015 above 123.706. The high stalled ahead of the highest highs from 2015 at 125.27and 125.85. The high reached 125.093. The price is now below the Nov/Dec highs at 123.706 with the price at 123.23 as I type.
That too was not great for the buyers. 1. Failed on the upside target, and 2. Fell below the next highest high at 123.706.