The EUR/USD pair is trading in a corrective trend at 1.1610 and may continue to decrease amid the strengthening of the American dollar.

The European currency is showing flat dynamics against the US dollar during the Asian session, with the EUR/USD pair consolidating near 1.1622 following the release of preliminary eurozone inflation data for May, which came in line with analysts' expectations.

The probability of growth remains.

On the daily chart, an upward third wave of the higher-level 3 of (A) is developing, within which the first wave of the lower-level i of 3 and the corrective second wave ii of 3 have been completed, while the wave iii of 3 is currently being observed. On the four-hour timeframe, wave (i) of iii is developing, which presumably includes the completion of a local correction as wave iv of (i) and the construction of wave v of (i). If this scenario proves correct, the EUR/USD pair’s upward trend is expected to continue toward the 1.1930–1.2085 zone with a critical stop loss at 1.1573.

The EUR/USD pair has tested the 1.1596 level (Murrey [2/8]), but cannot consolidate below it, while geopolitical and monetary factors support the American dollar.