EURUSD has delivered a strong upward move at the beginning of Monday's European trading hours and has broken above the 1.20 handle for the first time since early-March 2021. Recent recovery on the US bond market and associated drop in yields can be labelled as a driver behind ongoing US dollar weakness.
Taking a look at the pair from a technical point of view, we can see that EURUSD is testing 50% retracement of the downward move started at the beginning of a year. In case a break above it occurs, the next target to watch can be found at 1.21, where the 61.8% retracement can be found. The near-term support to watch can be found at 38.2% retracement, which has been tested during the Asian trading hours.
Source: xStation5
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