The currency pair surged last week regardless weak Eurozone’s PMI data. Services PMI plunges as the Eurozone countries introduce new restriction measures to stop the COVID-19 proliferation. USD loses its positions due to the upcoming US Presidential Elections

The ECB meeting will take place on Thursday this week. We do not expect any changes in the Eurozone’s monetary policy. Even so, we recommend listening to the ECB’s head comments about the Eurozone’s economic recovery. We expect EUR/USD to develop its midterm uptrend. The next target is 1.1950.