Against the growth of the American dollar, the EUR/USD pair is in a correctional trend at 1.0795 under the pressure of German macroeconomic statistics.

The EUR/USD pair is trading below the resistance level of 1.0875, maintaining some uncertainty ahead of the European Central Bank (ECB) meeting next week.

The EUR/USD pair is showing noticeable growth, developing the corrective impetus formed at the end of last week. The instrument is testing 1.0880 for a breakout, updating local highs from May 20. 

A fall is possible.

On the daily chart, the upward wave B develops, within which the first wave 1 of (А) of B formed, and a downward correction develops as the second wave 2 of (А) of B. Now, the wave c of 2 is forming, within which the third wave of the lower level (iii) of c has ended, and a local correction has formed as the fourth wave (iv) of c. If the assumption is correct, the EUR/USD pair will fall to the area of 1.0594–1.0414. In this scenario, critical stop loss level is 1.0900.

The EUR/USD pair has been continuously growing since the middle of last month, as investors were counting on a quick monetary correction in the US but this week, it tested the 1.0864 mark (Murrey level [6/8]) from which it corrected downwards.