The pair slowed near 1.2880 level, forming a channel down pattern on the 1H chart. The formation has 51% quality along with 78% magnitude.
The price decreased from its high 1.3080 to the support level at 1.2925, then grew to 1.3040, where it was capped. The price has been fluctuating below SMA200 indicator, which shows the pair's downtrend. Present bias on 1H timeframe is neutral, while on 4H chart it is bearish. If the price decreases, bears might pay their attention to the support level at 1.2869. If the price breaches this level, the initial target for short traders could be around 1.2863.
Price reached its one year low at 1.2882, which could be a strong support level for the pair. The price tested this support level twice, which increases the possibility of a rebound. If the price recoils, the first target for long investors could be at 1.2937, in the middle of the channel. If the price pierces this level, the second target could be at 1.2968, where the SMA200 indicator lies.