Pair’s failure at 0.8556 (38.2% Fib R. of 2007 low – 2008 high) on Thursday followed by a drop to 0.8362 today suggests the larger bearish trend is intact and the rallies are likely to be met with fresh offers.
Overall, doors appear open for a test of 200-DMA support of 0.8296.
On the higher side, only a daily close above the dotted red falling trend line would signal bearish invalidation.