The currency pair surged last week and broke down the descending trend line as well as tested 1.1879. The main driver for this growth was weaker than expected US Non-Farm data. Another mid-term growth driver is uncertainty about the date of the beginning of the monetary policy tightening in the United States.

We expect the currency pair to test 1.1879 this week. If EUR/USD breaks this level out, the next target will be at 1.2144. Otherwise, we will see the currency pair plunging.