With the latest break below key-pivotal support at 0.7959 we see the internal 76.4 % retreatment at 0.8005 as decisively broken which implies that we can now expect a straight extension towards 0.7755/44 (pivot/50 % on higher scale).
An intermediate bounce could however occur anytime but would have to display two consecutive higher hourly closes of the lagging line above the cloud (currently at 0.7947) to support a stronger bounce into 0.8098 and possibly to 0.8242 (int. 38.2 % on 2 scales).
Below 0.7947 though, the bears remain in full control and will most likely keep driving this intact downtrend towards 0.7755/44.
JPM