Notice that so far, it looks like we have 3-waves down from 1.3080, with WaveC subdividing into 5-waves. The last down wave seems to be an ending diagonal, and RSI/MACD divergence have formed. This indicates that a bounce is in the cards short term. If this brings price back above 1.2800, I will be confident to stay in this trade. Otherwise, I will try to exit on a smaller rise.
Retail investors are once again barely net short, and volume has been very low on this recent drop, so I think the odds are in favor of the rally continuing.