Near term, the latest bull leg (.9710-1.0324) is a wave 1 impulse within a 5 wave bull cycle (wave i of 1 is a diagonal).
We had previously treated the drop from 1.0324 as wave a in a larger a-b-c correction (wave 2) but the advance from 1.0018 is an impulse and is likely wave i of 3. As such, a bullish bias is warranted against 1.0018. Support should be just above 1.01.
