On $EM and that 1.20 wall

Watching $EM with interest, it's been a real slugfest around the 1.20 mark. Every time it pokes its head above, it gets batted down like a meercat by a hawk. We saw it yesterday, touching 1.20 again only to close right at 1.195. It's almost comical how consistent the rejection has been.

My thinking is that if we get a decisive close above 1.20 on daily volume, we could finally see some momentum. Until then, any probes above are likely to be short-lived. The invalidation for this idea, for me, would be a strong close below 1.19, which would suggest the sellers are not just defending 1.20, but actively pushing it back into its old range.