The currency pair went upwards last week and managed to break out the resistance at 1,0870. EUR/USD stays above this level at the moment of writing.

Coronavirus becomes less important for investors. Coronavirus mentions do not have significant influence on EUR. Last week’s main driver was Eurozone’s German GFK business Climate, released on Monday. This indicator reached 96,1, while economists expected it to fall to 95,0. Previous reading marked 96,0 points.

We expect the currency pair to develop the uptrend this week towards the closest resistance area at 1,1068. If EUR/USD breaks it out, the currency pair is likely to move forward towards 1,1285. Otherwise, we will see EUR/USD to decline aiming at 1,0870.