Pairs rejection at 110.34 (23.6% of 125.856-105.549) last week followed by a drop below trend line (drawn from Feb 24 low and Mar 17 low) and a bearish break from rising trend line on hourly chart has increased odds of a move lower to 108.66 (38.2% of recovery from 105.549).
Bearish invalidation is seen only if prices retake rising trend line on hourly chart, while a break above 110.59 is needed to signal continuation of recovery from low of 105.549 levels.