The currency pair declined last week because of investors’ fears. EUR/USD has tested 1,0661 support.

The Fed has cut rates again last week to 0-0.25%. Almost all data was negative last week, which was predictable. The central banks are going to do their best to stimulate economies. This may lead to further significant market fluctuations. Closest data releases may be negative as well, but this is partially included in price already.

We expect the currency pair to start a correction this week from 1,0661. EUR/USD may go upwards towards 1,0870. If 1,0661 is broken again, EUR/USD will move downwards aiming at 1,0450.