Since the beginning of the year, we have seen the euro weaken against the dollar. We see that the first drop of 360 pips was slightly and then a pullback to 61.8%. After that, we have a second drop of 400 pips which was fast, and now we have a pullback again. By setting the Fibonacci retracement level, the pair currently tests 38.2% and the previous higher low at 1.19900. Here we can expect a rejection again or worse again at 61.8% Fibonacci level at 1.20800.