We could be looking at a double bottom here. I am very interested in how the rate is going to act around the neckline at 1.2780. At the moment I am looking more at the neckline break to trigger the double bottom set-up to target the former major support/now resistance at 1.3475 which interestingly enough seems to also be the approximate 100% breakout target for the double bottom.
A strong rejection lower from the neckline would indicate further range trading and a move towards the support at 1.2000 to form some kind of descending triangle very similarly to dollar yen set-up.
Watch the full trading video with all the set-ups here