Price looks heavy and is at the moment trying to break through the 1.0400 handle for the 4th day in a row. On the 4 hour chart we can clearly see volatility decreasing towards the level indicating a possible squeeze.
As I see it now there are 3 possible scenarios.
1. Price breaks through 1.0375, re-tests the level and sells off towards 1.0310 or even 1.0250. 2. Price bounces off 1.0375, re-tests 1.0415 and the sells off. or 3. Price fails again to break through 1.040 on a daily closing basis and the bulls come in and push the pair higher.
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Bears did not manage to produce a breakout. Instead we saw a retrace to 1.0415 with a healthy rejection off that level. Took out some profit around 1.0400 before the bulls stepped back in. Remaining position stopped out at break even.