The EUR/USD pair shows ambiguous dynamics, consolidating near the level of 1.0740. Trading volumes remain reduced, as traders are in no hurry to open new positions before the US Independence Day celebration on July 4.

Growth is possible.

On the daily chart, the upward wave B develops, within which the first wave 1 of (А) of B formed, a downward correction ended as the second wave 2 of (А) of B, and the third wave 3 of (A) of B develops. Now, the third wave iii of 3 is developing, within which, a local correction has formed as the wave (ii) of iii, and the wave (iii) of iii has started. If the assumption is correct, the EUR/USD pair will grow to the area of 1.1140–1.1470. In this scenario, critical stop loss level is 1.0663.

The EUR/USD pair has been steadily declining during the current month and is currently testing the 1.0681 mark (Murrey level [3/8]). 

The EUR/USD pair is testing 1.0700 for a breakdown, preparing to reach the April low of 1.0613 after the publication of macroeconomic data from Germany.

Amid the growth of the American dollar and poor EU macroeconomic statistics, the EUR/USD pair is falling within the corrective trend, trading at 1.0715.