Currency pair is testing the mighty mid-term support zone 105.08-105.29, which is a key and defining area for probable scenarios of decline (red arrow) or reversal in direction 106.47-106.50 (black arrow). Both scenarios have equal chances, therefore traders should get the reaction on this zone.
Local downtrend doesn’t cast any doubts so far. The pair is forming upward technical correction, which development potential so far is capped by the pivot-zone 105.54-105.60. We can consider short trades from this zone in direction 105.00-105.24 today.
Growth to 105.54-105.60, then decline in direction 105.00-105.24.
Shorts from 105.54-105.60 to 105.00-105.24.