In this 1 Hour chart we can see a good downtrend and a pair of major and minor resistance levels as well as two major support levels.It is more likely and possible to fall short after price touching the trend line and it will probably sell up to to the round number present there 0.78800 and the price is likely to reverse and retrace up to the round number level 0.79400 near the resistance level because there is a solid support level present near the round number 0.7800.Anyway a short sell is possible but a buy around 0.78800 would be too early to predict.
NOTE :- I am not a Pro Trader,just a beginner.Show my mistakes and help me to learn.Just an analysis.