There will be a lot of long positions in the market who are feeling very unsure right now. They got the move to 110.00 as they had hoped but the sharpness of the turnaround will be casting some doubt.
The break below 108.60 will have convinced many bulls to book profits, so I’d expect 108.60/80 to be toppy on the day and if we get a big sell-off, it would not surprise me to see levels below 107.00 again very soon.