The currency pair developed its downside correction to the uptrend from April 2020. EUR/USD stays below 1.1879 at press time.

This correction develops despite the better than expected Eurozone’s PMI data released last week. The currency pair stays below the descending trend line.

We expect EUR/USD to return to 1.1879 for testing. Otherwise, the currency pair is likely to develop its downtrend targeting 1.1630.