In the long term picture, the down trend from 1.1079 (2011 high) should have completed at 0.5526 (2020 low) already. It’s unsure yet whether price actions from 0.5506 are developing into a corrective pattern, or trend reversal. But in either case, fall from 0.8026 is seen the second leg of the pattern. Hence, in case of deeper decline, strong support should emerge above 0.5516 to bring reversal.