Amid a weakening US dollar, the EUR/USD pair is correcting around 1.1625, supported by the increasing probability of monetary policy tightening by the European Central Bank (ECB) this year.

Amid the increasing likelihood of monetary policy tightening by the US Fed, the EUR/USD pair has been correcting downwards for the second consecutive week.

The probability of growth remains.

On the daily chart, an upward third wave of a higher degree 3 of (A) is developing, within which the first wave of a lower degree i of 3 and a correction as the second wave ii of 3 have formed. Currently, the third wave iii of 3 has begun, within which the first wave (i) of iii has ended, and a correction as the second wave (ii) of iii is developing. If the assumption is correct, after its completion, the EUR/USD pair will rise to the area of 1.1850–1.2100. The critical stop loss level for this scenario is 1.1350.