This suggests .8500 will remain pivotal as only a firm break would open the door to another leg down.
On the other hand, only a firm break of .8578 would suggest the low is in for now/
Why am I highlighting EURGBP?
1) If you trade EURUSD and/or GBPUSD, you need to keep an eye on EURGBP as flows involving this cross often have an impact on price moves in EURUSD and GBPUSD
2) Month end (Feb 29): I have observed increased activity in EURGBP at month end, which in turn often sees erratic flows not only in the cross but in EURUSD and GBPUSD. So keep a close eye at month end as it can offer trading opportunities in respective pairs as well as in EURGBP. In this regard, watch price action throughout the day but especially leading up to and around the 4 PM London fixing.