Pair’s rebound from 121.48 indicates has opened doors for a rise to double bottom formation neckline of 123.50 levels; especially since hourly RSI is well above 50.00 and pointing higher.
On the other hand, a failure to sustain above hourly 200-MA (currently seen at 122.87) would open doors for a sell-off to 122.52 (hourly 100-MA).