The pair secured a firm break above its 100-day moving average (red line) on Friday but the close fell short of holding above 1.2100. Buyers are testing waters above that today but gains have stalled at a high of 1.2117 before slipping back to 1.2100 now.
Of note, there is key trendline resistance (white line) seen @ 1.2119 and that now acts as a key line in the sand in terms of limiting further upside potential in the pair.
If buyers break above that, it should pave the way for a push towards 1.2200 - at least from a technical perspective - with one eye on the 25 February high @ 1.2243.
But keep below the key trendline resistance and sellers will stay in the game with the potential to try and retest the 100-day moving average, should things fall into place.
As mentioned in several other posts, it is going to be a key week in terms of event risks with plenty on the agenda - ranging from US data, FOMC meeting, to earnings releases.
That may help to provide buyers and sellers with more conviction as we navigate through the days ahead amid a test of the key resistance point highlighted above.