Commentary: We have been looking for a much larger setback but the wave structure at small degrees of trend indicates additional bullish potential. It is also possible that a triangle or some other corrective pattern is unfolding from .9992. A bearish outcome remains possible as long as price is below 1.0002.
As mentioned though, the wave structure at smaller degrees of trend does not favor the downside. The bullish count is shown on the chart but the recent decline looks corrective (circled).
Strategy: Exit bearish position