The EUR/USD pair is trading at 1.1680, preparing to continue its upward trend amid the recovery of the EU economy and a decline in interest in the US dollar.

The price is in a correction ana a fall is possible.

On the daily chart, a downward correctional second wave of the highest level 2 of (A) ended, and the third wave 3 of (А) forms, within which the first entry wave of the lowest level i of 3 ended. Now, the downward correctional second wave ii of 3 is developing, within which the wave (а) of ii has ended, and the wave (b) of ii is forming. If the assumption is correct, the EUR/USD pair will fall to the area of 1.1200–1.1015. In this scenario, the critical stop loss level is 1.1830.

On the four-hour chart, a large graphical figure Rising Wedge is being built, the exit from which was carried out downwards at the level of 1.1658, and the potential target is located at the level of 1.1568. 

Since the beginning of the current month, the EUR/USD pair has resumed growth within the long-term upward trend and is now testing 1.1719 (Murrey level [8/8]). The current dynamics are associated with a possible change in the vector of monetary policy by the US Federal Reserve.

Amid the weakening of the US dollar, the EUR/USD pair is trading at 1.1684, with the euro maintaining its upward momentum at the start of the week, despite the lack of support from macroeconomic data.