Any break below 123.50 will drag the pair further down till 123.20/122.90.
Short term invalidation only below 122.90.
On the higher side minor resistance is around 124.20 and break above would extend gains till 124.50/125/125.85.
It is good to buy at dips around 123.80-85 with SL around 123.45 for the TP of 125.
This consolidation is forming a bullish flag (blue). The buying signal is active when the pair is traded above 123,9 / 124,45. I see potential on the upside.
On the downside, the level between sma 200& ema 200 should be a strong support.
Prices below this level will turn the chart into bearish (middleterm)
Will the support @ 121,5 hold and the bullish wedge be triggered and bought?
If yes, then the shortterm target @ the upper side will be the upper edge of the longterm uptrend @ 129,5.
If the strong support @ 121,5 does not hold, a fast drop till target @ EMA200 @ 118 could appear.
Below the EMA 200 a drop till the longtermtrend @ 113,6 could be exspected.
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