The currency pair fluctuated in a range last week despite strong US Labor market data. Non-farm payrolls have shown a significant growth to 500,000+, while the unemployment rate went down to 3.5%. As for the average earnings, they reached 0.5%, which was also above expectations.

We expect EUR/USD to test 1.0229 this week. If the currency pair breaks this level, it is able to develop its growth targeting 1.0429.