The currency pair fluctuated in a range last week and tested 1.0230. The ECB has hike rates by 50 basis points, but this event failed to give significant support to the currency pair. Moreover, German PMI data was worse than forecasted. We expect EUR/USD to test 1.0230 again this week. If the currency pair manages to break out this level, it will target the next resistance at 1.0451.