EUR/USD breaks 1.2000 as dollar falls across the board

Technical Analysis

Author: Justin Low | eurusd

EUR/USD moves above 1.2000 for the first time since early March

EUR/USD D1 19-04
It is the first time since 4 March that EUR/USD has climbed above 1.2000 and the break higher here comes as the dollar is seen offered across the board in European trading.

USD/JPY has also fallen below support @ 108.34-41 to fall to 108.21 - its lowest level since 5 March as the greenback slides. There's not much of a catalyst as this looks to be more technical and flow driven if anything else.

Going back to EUR/USD, the pair has been knocking on the door of 1.2000 since last week and the lack of meaningful expiries at the figure level was perhaps already a sign that buyers will face less resistance in trading this week.

This now puts the focus on the 100-day moving average (red line) @ 1.2051 but if that gives way, the upside could be targeting 1.2200 here for the pair.

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