i suggest the break to the downside because of the corrective pattern in which it is now. Rather fast move down is likely to be a new motive wave down to 1.07 - 1.05.
Watch the corrective wave for yourself. Wave counting is not brilliant, actually not a 5 wave diagonal, but an 3-3-5 abc move. Thats also a reason for more shorts.
on the other hand: .618 fib retrace of the last upmove (corrective upwave).
It might be a complex corrective pattern, which would be the 'X' now in the structure. I dont believe thats that going to happen, since it will have to break 618 for that, which will react as resistance later.
I hope its clear for u.