On $EM's curious resistance around 1.20

Been watching $EM for a bit now, and that 1.20 level is proving to be a stubborn ceiling. We've tapped it a few times and bounced back, most recently today hitting 1.20 and now sitting at 1.195. It's not an obvious psychological round number like 1.00, which makes it feel like there's some serious order book liquidity sitting there, or perhaps some larger players are content to cap it there for now. I'm keeping an eye on whether we consolidate around this 1.195-1.20 range or if the rejections start getting more forceful. If we get a clean break and hold above 1.20, then my whole 'ceiling' thesis goes out the window, and we're likely looking at a new leg up. For now, it's just proving to be a rather formidable wall.