This pair is clearly in a downtrend.
122.02 marks key resistance to keep pressure on the downside.
Only a sustained break above will begin to put pressure back to the upside.
Until then, selling opportunities are preferred.
The 121.6 figure marks key institutional resistance where sellers may be looking to add to shorts.
A push up into the figure may be matched with swift selling.
Short-term support is at the 120.76 low and a break below will expose further downside.