Also, looking closely at the price action on the 4 hour chart, we can observe the evident struggle on the pair already with more rejections from the top as it reaches the 38% of the last leg down. Also looking back, we can also observe a strong consolidation at the the same Fibonacci level.
What to expect?...
We could see a weakening price action as pair approaches the 38% retracement and eventually see a strong reverse ultimately falling back in trend.
A short at this level upon confirmation would put us on a long ride down for days to come until the next closest support is reached for a small profit taking around .79900 before breaking and continuing with the trend, which proves to be a great reward considering the risk on the trade.