As we all know, 1.20000 is a psychological level. However, I checked the weekly and monthyl charts and can confirm there is a lot of competition between buyers and sellers at this price level. I am not using any indicators , just simple price action analysis.
Please look at the weekly candle formation at 07 May 2018. It clearly shows a power struggle between bulls and bears as this level is of significance importance.
Additionally, please refer to monthly candle formations on the following months : August 2017, September 2017 and December 2017. The candle formations on all these 3 month form around the 1.20000 level and clearly show that there is a power struggle between bulls and bears at this level.
Also, due to Brexit uncertainty, and US elections and Biden taking over control and uncertainty about whether the election was rigged or not, all these factors will have an impact on the performance of this pair.
In conclusion, I would suggest to just monitor this pair for the time being as there is too much uncertainty in the future which means there is a lot of risk involved.
Hope you found this helpful. Thanks a lot.
Any questions/comments will be appreciated.
Will be posting more analysis soon!