The EUR/USD pair is holding at 1.0728, retreating from the local highs of April 11, updated the day before. Trading participants are in no hurry to open new positions ahead of the publication of macroeconomic statistics on the Personal Consumption Expenditures - Price Index, which is an important indicator for the US Federal Reserve in assessing inflation pressure and can determine the vector of movement of the American currency early next week. 

Despite the stabilization of the American dollar, the EUR/USD pair is moving within a corrective trend at 1.0708, supported by the EU 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 formed, and a downward correction forms as the second wave 2 of (А) of B. Now, the wave c of 2 is developing, within which the third wave of the lower level (iii) of c is forming. 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.

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.