On more weakness, the next targets look toward the swing low from December 11 at 1.21023. Below that, a move below 1.20948 would open the downside more.
Understand that the pair is in the middle of the consolidation range from a December chop. As a result, trading can get caught "in the web" of that price action again.
What would hurt the technical view in the short term would be a move back above the lows from Monday, Tuesday and earlier today between 1.21315 and 1.21364. Stay below, keeps the sellers more in control. Move above and the sellers into the new lows would be disappointed.