The currency pair declined last week and retreated from 1,0870 resistance area. EUR/USD stays below this level at the moment of writing.

The main events last week were Eurozone’s PMI, which were negative and had a negative impact on the currency pair. German Ifo Business Climate was negative as well. US PMI was better than expected, which gave support to the US dollar.

This week we recommend paying attention to FOMC and ECB meetings. Those events may define future trends. We expect EUR/USD to retest 1,0870 in the nearest future.