@Fxprotrader analysis points out an important support structure localizing around the 0.7580 area, where a bounce could occur.
My analysis outlines this too. I also agree that the support level at 0.7580 could be an area where price rebounds and goes to upside.
It is however my feeling that is price breaks the 0.7580 area, it's going to be a short position with no possibility of a long position. If support is broken, a downside move to around the Fibonacci Extension 113.2% target, of 0.7505 is what I expect to happen next.
My primary reason for shorting is that it appears that price is testing the previous horizontal resistance as support, for a continuation move down. This is coupled with the nice Fibonacci retracement we found at the same level, which to me confirms a strong resistance ceiling.
When the market opened I immediately shorted. There was no gap down showing overselling, and it was just below the horizontal support level. This trade to me is a home run. Even if price hits the potential 0.7580 support in the above chart, I have still monetized around 40 pips anyway. So win-win for both of us.