The currency pair tested the 1.1285 resistance area again last week but retreated from that level. EUR/USD stays below at press time. 

German and French PMIs were the main drivers last week. They were above expectations allowing EUR/USD to retest 1.1285 again. However, fears about the global economy prevent the currency pair from developing the uptrend.

We expect EUR/USD to develop its downtrend towards 1.1068. This scenario will be canceled if the currency pair retests 1.1285 again.