Failing to breach the trend line at 1.26300 and the price channel (green line), not to mention also the failed attempt to break the resistance at 1.26800 to further its upside movement, I assume that this will be a start of a long path to south as its about to break the trendline support at 1.2350~40 and at the same time about to re-enter the old resistance channel (red line). If this is the case, and a further downside movement breaks the support channel (green line), I can assume that the next downside movement will reach 1.1950 or the support channel (red line) and eventually the price will fall to the all time low at 1.70000 of 2016/10/07.
Comment:
Expect a small bump on its downside path at about 1.2250, the green support channel, and a slight retracement at around 1.2150~40.