On the daily chart, the instrument has started a downward correction from 1.1794 (23.6% retracement) and is currently close to 1.1654 (50.0% retracement), supported by the lower line of Bollinger Bands: its breakout will allow testing the targets of 1.1593 (61.8% retracement) and 1.1470 (the area of November lows), but first it is necessary to overcome the Ascending Fan. 

During the Asian session, the EUR/USD pair is trading in a corrective trend in the area of 1.1733. The European currency is trading with near-zero dynamics, remaining under pressure from extremely weak data on business activity in the manufacturing sector (the value fell from 49.6 points to 48.8 points at the end of December). 

The price is in correction, the probability of growth is maintained.

On the daily chart, one can see an ascending third wave of a higher level 3 of (A), within which the first wave of a lower level i of 3 was formed and a correction was completed as the second wave ii of 3, and now the third wave iii of 3 is developing. On the four-hour time interval, the construction of wave (i) of iii continues, within which wave iii of (i) has appeared and a correction is formed as wave iv of (i). If the assumption is correct, the upward trend of the EUR/USD pair will continue to the area of 1.1920–1.2350, and the critical stop-loss level for this scenario will be 1.1617.

During the Asian session, the euro is holding near 1.1740 as markets await a recovery in investor activity after the Christmas holidays. In the absence of key macroeconomic releases, traders’ attention today at 15:30 (GMT+2) will be focused on US weekly jobless claims for the week ending December 26.