The pair may grow.

On the daily chart, the development of the downward correction of the higher level as the second wave 2 has completed, as part of which the wave C of 2 was formed in the form of a finite diagonal triangle. At the moment, a zigzag is formed in the fifth wave of the lower level v of C and, if the assumption is correct, then it is logical to expect the pair to rise to the levels of 1.0900–1.1096. The level of 1.0778 is critical and stop loss for this scenario.

EUR shows ambiguous dynamics against USD during today’s Asian session, correcting after an active growth of the instrument last Friday. The reason for the appearance of active uptrend, in addition to technical factors, was good data on the euro area's business activity for February. Markit Manufacturing PMI rose from 47.9 to 49.1 points with a forecast of a decline to 47.5 points. Markit Services PMI for the same period strengthened from 52.5 to 52.8 points, which also turned out to be better than market expectations. Composite Manufacturing PMI in February rose from 51.3 to 51.6 points with a forecast of 51 points.

The EUR/USD pair declines within a dynamic channel after ECB Meeting Minutes publication, which most investors perceived as moderately positive. The main criticism towards the regulator is aimed at the effectiveness of the monetary policy, and the report gives a partial answer to this criticism.

The EUR/USD pair decreases. Over the past two and a half weeks, the price has fallen by more than 300 points without upward corrections, which indicates a rapid loss of demand for EUR. The main catalyst for this decline was the poor data on EU key sectors and the strengthening of USD at the beginning of this year.

On Monday, in the absence of significant macroeconomic releases, the EUR/USD pair continued to move within a moderate downtrend. Disappointing EU statistics, the possibility of introducing additional US duties against the EU, and the spread of coronavirus remain the main negative drivers.