The currency pair plunged last week due to the fears about global economy and inflation rising in the United States and other countries. EUR/USD has broken down 1.0230 and developed its downtrend. We expect the currency pair to have a correction this week. EUR/USD will try to test 1.0230 and if it breaks it out, it will try to test the descending trend line. This scenario will be cancelled if EUR/USD continues to fall targeting 1.0006.