Commentary: It is unclear whether a top is in place at 1.1922. The rally from 1.1801 is in 3 waves (corrective) and indicates that the larger trend remains down.
However, that rally may be just the first leg of a more complex correction. As long as price is below, a cautious bearish bias is warranted against 1.1922, targeting a drop under 1.1801. A rally through 1.1922 exposes 1.1968 (100% ext. of 1.1801-1.1922/1.1847). Strategy: Flat