Pair’s repeated failure at 0.8556 (38.2% of Jan 2007 low – Dec 2008 high) followed by a breach of the trend line support on Wednesday suggests the bears remain in control, although oversold indicators and the short-term loss of momentum could yield a sideways action in the range of 0.8450-0.8560.
Only a daily close above 0.8558 would signal bearish invalidation.