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A wave layout in the 4-hour chart still looks rather convincing. In the recent few days, the currency pair has been trading firmly lower. Thus, a further upward structure has been cancelled, so a three-wave structure has been plotted on the chart. This is exactly what I warned you about in my previous reviews. Three waves upwards have been built. From now on, the trading instrument is likely to begin building three waves downwards. The first one of them is about to complete soon. Hence, the pair is set to make only three-wave moves for a while.
In 2021, demand for the US dollar increased a bit. So, the uptrend does not look as complicated as it did in March last year. Moreover, in the global sense, EUR/USD could go through a complicated correctional phase which started in the early 2021. Perhaps, this stage will consist of three waves like its inside structures. Another scenario is that it will consist of five-waves, though it could lack any momentum. Anyway, it doesn't matter now. What really matters is that the market grasps the point of the current wave layout. So, traders are able to apply it successfully. At present, wave a is about to complete soon. Therefore, once it is over, the price could rebound from lows with target levels at near 1.21. Afterwards, the next downward wave will follow, designated as wave c.
From the fundamental point, the lower chamber of the US Congress, the House of Representatives, voted for the long-awaited stimulus bill worth $1.9 trillion proposed by President Joe Biden. The bill was approved with a narrow margin of 7 votes. At the upper chamber, the Senate, one vote from Vice President Kamala Harris will be enough to have the bill submitted to Joe Biden's desk.
Breaking down the stimulus package, $400 billion will be allocated to the anti-coronavirus campaign. $1 trillion is viewed as the government financial aid for all those who have suffered from the COVID-19 crisis. The rest of the funds will be provided to spur economic growth. The package includes aid for all Americans who lost their jobs as well as aid for businesses.
Through this stimulus package, Joe Biden plans to create new jobs that will encourage a robust economic recovery. Besides, the President forged ahead with the idea to increase a minimal wave from $7.5 per hour to $15. However, this plan was rejected by the lawmakers. Biden and his administration believe that the stimulus bill will eventually come into force until March 14 when the term of the previous package expires. In other words, the US economy will be pumped with more dollars soon that will certainly make an impact on the greenback's exchange rate.
Meanwhile, speculators are trading bearing in mind a wave layout. I would recommend waiting until wave b is formed. Afterwards, we could plan short positions on the EUR/USD pair with targets below its lows. Another thing to take into account is a further wave c.
A wave layout of the uptrend still looks like a five-wave structure and it is not going to get more complicated. Another trend section which followed immediately after the uptrend is getting a complicated horizontal structure. The currency pair is expected to move in alternating three-wave structures. After three waves take shape, I predict that EUR/USD will surge nearly 300 pips.
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