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The wave marking of the EUR/USD instrument still looks quite probable and wave 4 is quite complete. If this assumption is correct, then the increase in quotes will continue from the current levels within the framework of building wave 5 with goals located above the maximum of the expected wave 4. This means that the instrument will increase to at least 20 figures-- most likely even higher. Since September 28, the increase in quotes continues. There is no talk of complicating the downward wave 4 right now.
A smaller-scale wave layout shows that three smaller waves were built inside the assumed wave 4 and therefore it has completed its construction. Over the past day, the instrument has lost only a few base points but remains within the framework of building wave 5 of the upward trend section. So far, there are no prerequisites for completing the increase in the instrument's quotes. Nevertheless, in recent days, the trading amplitude has decreased and the markets are reducing their activity.
The US Dollar continues to be considered by markets as an unattractive currency. In addition to the fact that America is experiencing the largest economic crisis since the great Depression. With the presidential election on the horizon, these factors are not the only ones that have a strong impact on the markets. Perhaps the markets are most interested in Donald Trump, who is used to being the center of attention. However, if in the first year or two, his speeches, statements, and posts on social media were treated at least with some seriousness. Now, the US President cannot convince even the elderly (who are usually very trusting) in his speeches. According to recent opinion polls, more than 60% of people over 65 are ready to vote for Joe Biden. However, this is not the topic of discussion.
Donald Trump continues to act like the Coronavirus is the common cold even if he himself has contracted the disease. He has already urged not to be afraid of COVID-2019 and said that the United States has the best equipment and medicines in the world. About the fact that 211,000 Americans have already died from this virus yet Trump still refuses to acknowledge the severity of the virus. Moreover, according to the latest data, he has already infected several members of the White House administration since he has not recovered fully from the disease. What makes the situation even more perplexing is the fact that starting October 10, Trump is going to resume public appearances and trips around the country.
Democrats, meanwhile, initiated a bill to create a commission that would assess the physical and mental state of Donald Trump and make a conclusion whether he is capable of running the country. If the Commission decides that he is not capable, he could be removed from office. What will happen in this case with the elections is generally unknown. It is worth noting that Congress and the Senate can indeed remove Trump from his duties, but the Senate is unlikely to do so, as in the case of impeachment of the President. In General, the Dollar is now absolutely not in demand which is rightly so.
General conclusions and recommendations:
The Euro-Dollar pair has presumably completed the construction of the correction wave 4. Thus, at this time, I recommend buying a tool with goals located near the calculated mark of 1.2012 (which corresponds to 0.0% Fibonacci) for each MACD signal up, in the calculation of building a global wave 5.
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