Short-Term Trend: sideways
The Friday's rally has negated the immediate bearish outlook as it suggests the rally from the early June's low is still intact. If that's the case, we may see a move abv the 1.5780 level. And if that occurs, the chances that wave  down is under way will diminsh. So, there are lots of uncertainties here. If one has a short position, it is difficult now to justify it. The only way to justify a short position is, if the market reverses down on Monday from the current levels and then breaks below 1.5485 level.
Strategy: Holding short from 1.5650 is favored against 1.5780.