Near term, the rally from 1.2000 to 1.2126 looks impulsive and the decline from 1.2126 is coming in on the 61.8% of 1.2000-1.2126 at 1.2048. Confidence in the upside would improve if 1.2048 can hold (although 1.2000 is the key level).
Divergent oscillators at the recent low on the daily favor bulls. Caution is warranted though as yesterdays high was rejected at a trendline from the 4/9 and 4/11 highs. Pushing through this line indicates more bullish potential.