Just simple TA mechanics. Price action in a rising channel rejected from channel resistance after having completed a bearish harmonic, will retrace to the channel's support which is at the 1.276 extension. The 0.786 is strong support, price might bounce there and continue to the bottom of the channel. RSI topped and broke diagonal support indicating a local reversal .
A retracement to the 1.276 does not indicate a macro trend reversal unless price follows through and fall out from the rising channel past the 1.618 extension.