I think he will fall down deep, but we have to wait and watch the last monthly candle. I think it will be Doji candle which assures the pair will continue in their main downtrend. he is stabilized around 1.26950 support level but I think he will break it soon.
by the way, he is inside a horizontal channel and as I see he is going down to touch its bottom. why do I think that? on the monthly chart, he was in a downtrend since 7/2014 and he completed his correction to 50% Fibonacci on 4/2018 and then he back to his main movement 'going down' and he now stabilizes at 23.6% Fibonacci and when he breaks it, he will fall to 1.2190 'the bottom level of the horizontal channel'