The pair is limited inside of consolidation from 105.24. Trading stays on the upside. Bullish convergence is present in 4 hour MACD. Following pivot points include: (S1) 106.29; (P) 106.66; (R1) 107.18.
Sustained breach 107.67 resistance will suggest short term reversal. If that happens, the prognosis might become bullish to 110.47 resistance. Further drop is projected. Breach of 105.24 will extend deeper fall from 118.65 to 100% projection of 118.65 to 108.12 from 114.73 at 104.20.
In the bigger picture, current development argues that the corrective pattern from 118.65 is extending. The solid break of 61.8% retracement of 98.97 to 118.65 at 106.48 now suggests that the pattern from 125.85 high is possibly extending. Deeper fall could be seen through 98.97 key support (2016 low). This bearish case will now be favored as long as 110.47 resistance holds.