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.
Attempts to gain some up-momentum however failed so far so that it would take a break above daily trend line resistance at 0.8084 to at least be able to challenge key-resistance at 0.8126/57 (minor 38.2 %/pivot). Particularly below 0.8084 though, the market remains vulnerable to a break below 0.7959 for a straight extension lower.
JP Morgan