With last weeks break below key-pivotal support at 0.7959 we see the internal 76.4 % retreatment at 0.8005 as decisively broken which implies that the downside is now wide open for an extension towards 0.7755/44 (pivot/50 % on higher scale).
An intermediate bounce could however occur anytime and with the hourly lagging line now above the cloud this probability has certainly risen. It would however take additional breaks above 0.7976 (hourly trend) and above 0.8042 (daily trend) to support a stronger bounce into 0.8098 and possibly to 0.8242 (int. 38.2 % on 2 scales).
Below 0.7976 though, the bears remain in full control and will most likely keep driving this intact downtrend towards 0.7755/44.
JPM