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.

The price is in a correction and 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) develops, within which the first entry wave of the lowest level i of 3 ended, and the downward correctional second wave ii of 3 forms. Now, the wave (а) of ii is developing, and the correctional wave iv of (a) has formed. 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 1.1700.

At the beginning of this month, the EUR/USD pair resumed growth and rose to the area of 1.1700, restoring some of the positions lost earlier. The euro is currently supported by positive macroeconomic data confirming the region's resilient economy amid the global trade crisis.