The currency pair developed the uptrend last week after a Flag pattern and broke out 1.2144. 

The currency pair accelerated its growth after the release of the FOMC meeting results as the FOMC members confirmed they would be stuck to the current monetary policy for long time until the economics would recover. As for the Eurozone’s PMIs they were better than expected

We expect the currency pair to developed the uptrend this week targeting 1.2438. There is another scenario as the currency pair may return 6o 1.2144 to test it. There are Christmas holidays this week and the volatility may decrease by Friday.