Intraday price action is leaning lower, but critical support at 1.2059/65 should continue to underpin any immediate downside tests. The broader weekly chart, however, continues to deteriorate, suggesting the current consolidation phase is likely to give way to renewed losses.
A later close below 1.2059/65 will confirm continuation of January losses and open up the 1.1975 retracement.
Meanwhile, resistance remains at 1.2150.
A close above here, if seen, would prompt fresh consolidation below 1.2200. An unexpected break above here is needed to turn sentiment Positive and open up the 1.2235 .