In that case, let's try and position ourselves appropriately.
You can try and enter a SHORT position, if it breaks the inside the and try to aim for the 2016 May high. If you manage to get in profit, then straight away set your STOP just before your entry price. This way you can try and go for lower levels, but still be protected against the fluctuations.
Or you can class that as a perfect bouncing point, which will lead the Euro to higher levels. You could set a BUY order at 1.18800 (the previous high) and then aim higher.
Now, I know that there isn't much specifics in my analysis on the direction, but at this tricky point it can do what ever it wants. I think some sort of news should trigger it.
Stay sharp and keep an eye on the price action.