If spot holds doesn't hold here at the 1.2078 level today and closes in the 1.2050's, it is very bearish and will likely see a test of the 1.1830's soon. If it does hold and moves out into the 1.2120's, then I would not be surprised to see it move to 1.2347 or 1.2600 next month.
Should be an exciting week.
DRT