EUR/USD attempted to break the resistance around 1.3293 and has formed a Channel Down formation on a 1D chart. The formation has 53% quality along with 70% magnitude in a 124 bar period.
This is a long-term pattern which started on October 4th, 2011. Resistance level showed its strength after price was capped twice at 1.3486 and at 1.3293. Stochastic indicator has reached its critical area and has started declining, which may lead to a possible trend change. If price bounces off the resistance level, the first aim for bears could be around 1.2982.
RSI indicator is in the middle of its channel after it has rebounded from its high on February 26. Bulls could focus their attention on the price reaction on the resistance level around 1.3297. If the price breaks it, the initial target for bulls can be around 1.3486.