EURUSD and Fibonacci resistance

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.