EUR/USD comes down below 1.20 handle

Having filled the weekly bearish gap, the EUR/USD pair ran through some fresh offers and touched a fresh session low of 1.1990. 

Against the backdrop easing N. Korean tensions, a strong US Dollar recovery coupled with comments by various ECB governing council members prompted additional profit taking slide at the start of a new trading week. 

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The pair's steady fall since early European session could also be attributed to cross-driven weakness, with the EUR/GBP cross extending its recent corrective slide from yearly tops and taking out some stops at the 0.9100 handle. 

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With an empty US economic docket, a follow through profit taking slide, led by a follow through long-unwinding pressure below the key 1.2000 psychological mark and persistent USD demand, now seems a distinct possibility. 

Technical levels to watch

Immediate support is pegged near 1.1980-75 zone, below which the pair is likely to accelerate the fall towards the 1.1920-15 region en-route the 1.1900 handle.

On the flip side, sustained momentum beyond 1.2015-20 zone should assist the pair to make a fresh attempt to clear mid-1.2000s hurdle and head towards testing yearly tops resistance near 1.2090 area.