Since the drop in price from the high of 110.95 on 16th August to the recent low at 108.60 on 18th August, price hasn't been progressing much. Price seems to be developing a corrective structure. As such, we are expecting a minimum 3 wave structure to complete the corrective move before another potential impulse move to the downside.
We are still expecting one more move to the upside around the 110.06 to 110.35 region to complete the corrective structure before the bearish impulse move. However, we are not denying the possibility that we might see a bearish impulse move from here since price has indeed already make a 3 wave structure.
Whichever scenario price will be developing, our bias remains to the downside.