Commentary: We wrote last week that “there is no reason to get bearish now though, as we still expect a drop to a new low to be fully retraced since the decline would complete wave 3 within the 5 wave bearish cycle from 1.0866.”
The drop below .9936 to .9910 did indeed complete wave v and larger wave 3 from 1.0676. Look for a rally in wave 4 to end near 1.0094 before a drop to yet a new low in wave 5. Strategy: Flat