EUR/USD declined to its support level and formed a falling wedge on 4H chart. The pattern started on March 6 and has 70% quality along with 46% magnitude within 26 bars.
Euro rebounded from channel resistance level at 1.3191 and decreased to 1.30535 against Greenback. Pair is fluctuating near its local low at 1.3039 where the support level stands. RSI indicator's decline followed the pair's decrease and now the pair is trying to reach its critical level. If the pair bounces off at 1.3039, the first target for bullish traders can be 1.3121 near the wedge resistance level.
Stochastic indicator reached its critical level at 20 confirming the possibility of a trend change. If bulls will not succeed defending the support level at 1.3039 initial bearish target may be around 1.2974, near one-month low.