The topside remains limited by its 100-day moving average (red line) @ 1.2054 and buyers need to hold a firm break above that to see any upside momentum run further.
Meanwhile, downside is limited closer to its 100-hour moving average @ 1.2020 currently with further key support seen at 1.2000 as seen with the near-term chart:
As such, the tug of war is still playing out until either buyers or sellers make a play. There was a hint of mild dollar weakness earlier to start the session but that has since fizzled. I reckon we may have to wait until US trading later for the ranges to extend.
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