Having already exceeded the internal 76.4 % retreatment at 0.8005 quite a bit, chances of running into a straight extension towards 0.7755/44 (pivot/50 % on higher scale) had increased significantly.
But as it is quite common that 76.4 % retracements are overshot we handled this break with care as pivotal support at 0.7961 held which kept the door for a stronger bounce open.
The latest and decisive break of the hourly lagging line above the Ichimoku-cloud provided fresh support for this view on Tuesday, but in order to really dent the long-term downtrend it would take breaks above 0.8088 and 0.8126/57 (daily trend/minor 38.2 %/pivot).
JP Morgan