The price moved away from that MA level, broke above a swing area between 123.026 and 123.188, and today has traded above and below a swing high on the hourly at 123.803. Another swing high (high from March 28) at 124.29 was NOT approached. The high reached 124.04 today.
The up and down above the 123.803 level today is saying the buyers and sellers are a bit unsure. Rates are higher due to more aggressive Fed tightening and QT potential as well (quantitative tightenings) which is dollar bullish.