While the short term count is unclear, it is clear that the declines are impulsive and the rallies corrective. A bearish stance is warranted as long as price remains below 1.9826.
The break below 1.9759 this morning clears the way for a fall to support from late March/early April at 1.9545/89. 1.9528 is the 161.8% extension of 2.0131-1.9841/1.9997. The 100% extension at 1.9707 is potential short term support. If a double zigzag is forming from the 2.0131 high, then wave Y should extend towards the 1.9545/89 congestion area.