Markets are digesting markit's final Manufacturing Purchasing Managers' Indexes for April. EUR/USD price action has been trading on its front foot for most of the session with a broadly stronger Euro piggybacking on a softer US Dollar.
Let's remember, last week German ifo Business Climate improved slightly to 96.8, up from 96.6. However, this missed the estimate of 97.8.
For the parity, critical support is at 1.1990, just below the psychological barrier of 1.20.
For upward trend, 1.2204 is an important monthly resistance line.