The currency pair had a correction last week and has tested the support at 1,1068. EUR/USD stays above this level in the moment of writing.
Eurozone’s PMIs and ECB’s meeting were the main drivers for price fluctuations last week. PMI data was mixed as French business activity was better than expected and German was worse.
As for the ECB meeting, the central bank’s MPC has decided to leave the monetary policy unchanged. However, this step was ignored by traders and investors which resulted in EUR’USD’s correction.
There is a bunch of data from the US this week, which is likely to impact significantly the price of the currency pair. EUR/USD has reached the support at it is recommended to follow the signals attentively. In case of reverse signals, you can open long positions. However, if the currency pair breaks down the support, you can place short orders. EUR/USD stays above the ascending trend line.
