Over the last week we learnt a lot about current and forecasted situation in the Eurozone. As the picture isnít painted in favour of the single currency, the pair dropped by some 240 points and finished the trading week in the area of 1.2280. Eurozoneís economic calendar for this week is light, with no real major reports scheduled for release except Fridayís Employment and Industrial production change.

Will no news for Eurozone be a good news? It doesnít look like thatís the case for the single currency. As market participants digest recent Euronews the pair is likely to find a resistance at its weekly Pivot Point at 1.2354 and first support at 1.22. A strong and accepted break of 1.22 will more likely see the pair falling to level last seen over 2 year ago at 1.21.