The EUR/USD pair is declining within the long-term downward channel: yesterday, the price reached its lower limit around 1.0600, after which it adjusted to 1.0681 (Murrey level [3/8]), where it is currently trading.

The EUR/USD pair is showing weak corrective growth, recovering from an active "bearish" rally that formed in the middle of last week and led to an update of local lows dated November 2, 2023. 

During the Asian session, the EUR/USD pair tested 1.0614, developing the “bearish” dynamics formed in the middle of last week, when the euro retreated from local highs and the level of 1.0885 without support from macroeconomic statistics.

A fall is possible.

On the daily chart, the upward wave B develops, within which the first wave 1 of (А) of B ended, 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 is developing. If the assumption is correct, the EUR/USD pair will fall to the area of 1.0410–1.0212. In this scenario, critical stop loss level is 1.0885.