This pair is in a downtrend for a while now. A recent side-ways movement and then a confirming bearish price action signal (a strong rejection of a resistance zone) could mean that the price is ready to make another move to the down side.
Please note a long term support level at 0.8600 level (clearly visible on weekly chart). Looks like price is making a push towards that level.
Please note a long term support level at 0.8600 level (clearly visible on weekly chart). Looks like price is making a push towards that level.