There’s a developing ‘Falling Wedge’ pattern, which is likely going to be continued because the 34 Moving Average has acted as resistance. The main intraday target is the next support at 1.2658 – 1.2634. Meanwhile, if a pullback from this area happens next, there’ll be time for a bullish correction towards 1.2784 – 1.2826.
The pair is declining because of the last ‘V-Top’ pattern. However, we’ve got a local ‘V-Bottom’, which points to an option to have an upward price movement in the direction of the previously tested resistance at 1.2755 – 1.2779. The subsequent pullback from these levels could lead to another decline to the next support at 1.2671 – 1.2661.