I'm not liking it much. There is spotting of green corrosion on the back which is supposed to be solid 800 Silver. Also, the attachment holes are crudely cut through, which should not be, from a company such as Juncker. The "E" in the C.E. Juncker does not look to have the middle bar to it either. Lastly of the obvious red flags that i can see right away is the recess behind the crown on the back is large and rectangular, and the originals I've seen all seem to have a smaller rounded recess.
This is, by the way, supposedly a Bavarian Observers badge-not a Pilot, per se. If you are serious about this badge, I would suggest contacting the forum member here "Ferg1". He has a bewilderingly huge collection of Imperial aviation badges and could certainly tell you with absolute yes or no. Check out his thread here on a small number of his badges:
Imperial German Aviation badges
"Much that once was, is lost. For none now live who remember it."
William is correct as regards the recess behind the crown, I've read somewhere that this style is called the 'breadloaf fake' (or something like that) as the recess on an original should have an indentation on either side of the hinge area.
A good search on the various forums should give you the clues you need but for me at this point, I'd be walking away.
thanks for explanations