There may be some holes in the floor but it held today
The 108.63 level on the hourly chart has been a home to a number of swing lows going back to August 18. Yes there have been some instances when the floor was broken through (August 29th, and yesterday on a few occasions - red shaded area). It happens. However, the breaks were quickly reversed.
Today when the level was revisited, the level held (see red circle 6) and we saw a quick bounce back higher. Buyers leaned.
That area is key. Don't ignore it's significance
What next?
Drilling down to the 5 minute chart below, the rebound has seen the price move up to the 38.2% of the move down from yesterday's high and the 100 hour MA (blue line in the chart below) at 108.93. In fact the price took a look above both those levels for a brief moment, but has dipped back below the line.
The break above those areas should have solicited more buying. It did not. Sellers are leaning on the rally. We may have reached the corrective high. I would expect stops on a break back above the level but as I type, the price is moving back lower.
So the lines are drawn, with the 108.63 level floor below good support. and the 100 hour MA and 38.2% retracement at 108.93 above. The battle is on.