It has recently respected previous highs of 1.23500 and since then has been in a downtrend, down towards 1.19500, however, it has bounced back to the 1.20500 level where the wick has touched it and the body has closed below it. This level is also a previous area of rejection showing a history of rejection at this level multiple times as seen in the chart and marked by the box. This could be potential signs for more bearish momentum down towards the previous low of 1.19500 or maybe even 1.19000.