I have actually been rather bearish on this pair for a while now. As we can there the price has bounced off the trend line numerous times failing to make new highs. The MA's have also crossed over bearishly and im predicting that they will do the same on the weekly time frame. We have a resistance level at 1.2349 so i have my stop placed just above there. I think this pair should make its way down to 1.9403. Longer term i can see the pair moving to 1.111. Let me know what you think.