The drop on Friday last week saw price fall below the 23.6 retracement level of the recent upswing and also the 100-day moving average (red line). That saw sellers took some control with a breach below key near-term support levels as well.
The 100-day moving average is seen @ 1.2051 today and will be a key point of contention to watch but further resistance is still seen from the key hourly moving averages, which are seen @ 1.2070-85. Keep below that and sellers stay in near-term control.
The dollar is keeping relatively mixed across the board on the session so far with the greenback trailing against all other major currencies except the yen and loonie.
European equities are little changed in general while US futures are holding modest gains. With London out today, we'll have to wait on US traders to provide more conviction to kick start May trading. For now, there are some light moves but nothing outstanding.