Has this finished a wave (a) correction (possible (b) wave up from the trendline?) or will it go straight further down?
Looking if the will hold is key!
A break and hold below will get me short towards 1.34 first where we may find support at the previous wave 3 top, and further down to the 1.30 - 1.28 level (end of previous wave 4).
Depending on what level of EW correction this is it may continue deep into the 1.28-1.20 level (higher degree 4th wave territory).
CONCLUSION: NEUTRAL, waiting for confirmation before I proceed!