The Relative Strength Index is just below 70 – marginally outside overbought conditions. Momentum remains to the upside and the pair is still above the 50, 100 and 200 Simple Moving Averages, yet to resume the uptrend, an extended correction may be needed.
Support awaits at 1.2240, the daily low, followed by 1.2210, a swing high earlier in the week. A significant cushion awaits at 1.2170.
Resistance is at 1.2272, the fresh 2020 peak, followed by the round 1.23. The next noteworthy barrier is 1.24, last seen in 2018.