Blue Scenario: Price makes an impulsive wave higher, towards the 1.06 handle and takes out several important levels. In this case dips/retracements toward 1.0530/00 should be bought aggressively for a potential move towards 1.0750 and even 1.1000/1.1200 could be in the cards on a larger timeframe.
Red Scenario: Price fails around 1.0500 level, and begins to grind lower, large stops get taken out below 1.0365. And then the question is, will there be strong bulls which will show their hands and push price back above the falling wedge pattern? We will see and analyse it in given time.
Current Scenario: No-mans-land, price is caught between two strong support/resistance areas, for me a classical no-trade scenario right now.