The EUR/USD pair is actively declining for the second consecutive month and reached the lowest levels since May last year around 1.1200 this week. However, yesterday it recovered part of the lost ground and rose to around 1.1200, which is unlikely to cause a trend reversal.

Amid the strengthening of the American dollar, the EUR/USD pair is correcting at 1.1170.

The probability of a decrease remains.

On the daily chart, an upward wave of a higher degree (A) is developing, within which the third wave 3 of (A) has completed, and a downward correction is forming as the fourth wave 4 of (A). Currently, the third wave c of 4 is forming, within which the third wave of a lower degree (iii) of c has completed, and a correction is developing as the fourth wave (iv) of c. If the assumption is correct, after it, the EUR/USD pair will decline to the area of 1.1052–1.0900. The critical stop loss level for this scenario is 1.1346.