Looks toward the swing area and 38.2% retracement
The price initially moved below that moving average level, but quickly rebounded. However, the pairs price DID remain below the aforementioned swing area (between 1.1877 and 1.18815) and sellers returned.
The sellers have increased their move to the downside, and the pair is now approaching the next key target area between the 1.18467 and 1.18507 swing area (see red numbered circles) along with the 38.2% retracement of the move up from the July 21 low which is centered between those levels at 1.18482.
If traders can push through that area, the swing high from July 27 at 1.18406 followed by the 200 hour moving average and 50% retracement of the same move higher at 1.18296 become the next targets.
Risk for shorts is now at the 100 hour MA at 1.18686. Stay below keeps the sellers more control.