The currency pair tested the ascending trend line last week. EUR/USD stays below 1.2144 and develops the uptrend. 

FOMC meeting took place on Wednesday. The FOMC members have took no more steps and this was the driver for the USD’s upside correction. The currency pair broke down 1.2144.

We expect EUR/USD to develop its uptrend this week after breaking down 1.2144. The currency pair will break down the ascending trend line as the alternative scenario.