From the high of 1.3515, price reached a low of 1.2905 before going on a rally to 1.3282. That was where the Fibonacci 62% correction of the decline as well. Since then price has been moving lower to 1.2975.
Could the decline be the A leg and the rally to 62% be the B leg and now we are seeing the C leg unfolds? If this is indeed the C leg, the price target could be at 1.2745, which is the 127% of the previous decline. Or it could be to 1.2530 which is the Fibonacci 161.8% price projection.
Stochastic is moving into the oversold extreme. MACD is bearish and is moving lower. Both momentum indicators are hinting of more price decline. Look out for 1.2975