Price is sitting in a bullish structure that may be nothing and price continues to drop here. However if it sends price higher we have the last swing high to hold price plus the untested structure at the top that price dropped from. Price presently is a short while the last swing high remains unbroken.
Daily chart analysis on a wide ranging pair is almost suicide - you would need a smaller tf to gain a better entry. This is price action on this pair where we expect that this is the retrace area that should move price higher. We expect this to only be a retrace as price is now making higher highs and higher lows. Break the bottom of the retrace resets the trend.