The currency pair developed its growth and tested 1.2144 last week. The main drivers for EUR/USD’s uptrend are the approaching vaccine and the Eurozone’s economic recovery, especially in Germany.
The currency pair corrected on Friday due to the mixed US Labor market data. The Unemployment level decreased to 6.7%, which is better than expected, while Non-Farm Employment Change was worse than expected.
The ECB meeting is the main event this week. The Eurozone’s central bank has recently announced a new stimulus package and we can’t say whether it is included into the price already or not. If the price bounces off the current resistance area, it is going to move targeting 1.1879. In case of a breakthrough, we are going to see EUR/USD moving towards 1.2438.
