Analysing across DXY and the USD in general, I can picture a week for the Dollar ahead, given the last 2 weeks have been showing consistent pressure, I think this week the bulls will run out of steam. DXY may be heading back to 92.000 or lower.
I think DXY crashing, will provide the momentum that EU was after. Further to this, EU is approaching this months support, as you can see from the left this support has been used as major support before, previously used in April of this year, and EU bounced off this perfectly. We may see a similar pattern here and see EU bounce to 1.2. I do not think this is something that is impossible and certainly do see it happening.
It might be worth going after a long swing on EU and adding longs from the beginning of the Trading Week and holding out until 1.2 as your TP. Bare in mind News might also have a heavy part to play in the direction this swings. Also bare in mind, if EU does break through its Monthly Support we may see downwards momentum continue throughout this week, however this does look very unlikely given what has happened in the past, and as the famous saying goes "History Loves To Repeat Itself".
Thank you for taking your time to read through this and I hope this helps you!