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.
3. Price fails again to break through 1.040 on a daily closing basis and the bulls come in and push the pair higher.