We mentioned Friday that yesterdays hammer at critical support keeps focus on the bullish reversal scenario. In fact, there are 5 small waves up from yesterdays low at 1.2000 (an important psychological figure).
Support resides at 1.2037. The longer term turn wave structure supports a reversal (higher) as well. A rally above 1.2281 would give credence to this view and suggest that an important low is in place. The next short term resistance level is 1.2150 and 1.2056 should be support.