I don't think EUR came all the up from 1.2040 just to go back down again in a short period of time. There is no foreseen immediate negative news from ECB or Fed.
Expect at least some price consolidation in the next few months.
Range trading is recommended at the zones indicated above.
BUY 1.2600 to 1.2630
SELL 1.2880 to 1.2900
RBA Governor reckons the aussie dollar is slightly over priced at the moment. I am going short when there is a chance. and the chance is when it is hugely over priced. e.g. above 1.08? anyway this is my thought.