The currency pair had been under sales pressure due to the high oil prices and this pressure now increased more and more as a result of the higher-than-expected inflation data. Technically, as long as the pair stays below Fibonacci 61 percent retracement line indicating 1.2375, bullish moves will continue and target 1.2300 and 1.2260 support levels. In case of a possible rise above the retracement line, 1.2410 and 1.2450 resistance levels will be on our radar in short term.