The currency pair plunged last week after a small surge, which lasted until Wednesday. Price fluctuations were affected by Friday’s US Labor Market data, which was mixed. Despite the fact that the Unemployment level remained unchanged and the Average Hourly Earnings increased significantly, Non-Farm Employment change plunged. 

We expect the currency pair to develop its downside correction targeting 1.2144. The testing of this level will define further direction of price fluctuations.