From the monthly price action we can see that the 1.2800 level is a major zone of resistance for this pair. After hitting resistance we can clearly see this pair putting in lower low and lower high swings, with the most recent rally off the triple bottom at 1.19's failing to break above 1.26's creating a new lower high. Currently we are also retesting the previous support turned resistance zone. Therefore I am expecting this pair to put in a new lower low after breaking 1.19's. I will be looking for a short entry after a clear CTL break on the 4hour.