EUR/USD at 1.2000 remains a key level to watch this week

EUR/USD D1 04-02

The pair is touching a low of 1.2008 on the day now as sellers continue to look poised to try and test the 1.2000 level. Will that come about today?

The dollar has been keeping rather resilient - especially in the past week - and that is helping to keep the downside break below support @ 1.2059-64 going.

With all eyes on the 1.2000 level now, that will set the tone for how the dollar will continue to perform moving forward should the level hold or should it give way.

A firm break to the downside could see the momentum accelerate as stops get taken out. Further support below the figure level is then seen closer to the 50.0 retracement level @ 1.1976 and the 100-day moving average (red line) @ 1.1966.