Downswing is completed already, therefore today will be defining: the pair is traded inside the wide pivot-zone 103.65-103.83 and close above/below this zone will become a strong signal for further movement. So far a priority direction is decline in direction 102.87. Here we have a demand area according to the bullish pattern Over&Under.
Local structure is poised for switching to a trending phase. Thus we can consider shorts from current levels in direction 102.87.
Also an option with pullback to PPZ 104.07-104.10 may take place (red arrow).
Main scenario: Decline to 102.87.
Alternative scenario: Upward correction to 104.07, downward reversal afterwards.
Shorts from 103.70 and 104.07 in direction 102.87.