The currency pair declined last week due to rising concerns about the world economy. There were no important releases from the Eurozone, but US labor market data was weak. USD remains the shelter for Forex traders and this USD’s growth has reasons.

According to the latest data, the number of new payrolls was cut by 701 000. Moreover, this is preliminary data and we will learn the exact number in the beginning of May. As for the Unemployment claims, the data has also shown significant growth.

We expect EUR/USD to develop its downtrend fur to declining risk appetites. The currency pair targets 1,0661 currently. However, if EUR/USD tests 1,0870 successfully, this scenario will be broken.