The EUR/USD pair has been steadily declining for the fifth consecutive week, reaching three-month lows around 1.1370 amid a strengthening American dollar supported by “hawkish” comments from US Fed policymakers.

The probability of growth remains.

On the daily chart, the third upward wave of the higher level 3 of (A) is developing, within which the first wave of the lower level i of 3 and a correction as the second wave ii of 3 have formed. At the moment, the formation of the third wave iii of 3 has begun, within which the first wave (i) of iii and a correction as the second wave (ii) of iii have completed. If the assumption is correct, the EUR/USD pair will rise within the third wave (iii) of iii to the area of 1.1850–1.2100. The critical stop loss level for this scenario is 1.1350.

Against the local strengthening of the American currency, the EUR/USD pair is trading at 1.1487, supported by macroeconomic statistics from the EU.