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The wave pattern of the H4 chart for the Euro/Dollar instrument continues to remain integral and does not require additions. The construction of a downward wave e in C is still questionable since the current wave takes a very extended horizontal form. If the downward wave does not continue its construction, then wave C will have to be recognized as three-wave and completed, although I believe that it should still take a five-wave form.
The wave that originates on November 30 still cannot be attributed to either wave C or the first wave of a new upward trend segment, if it really is, since neither the peak of wave d in C nor the low of wave c in C has been broken over the past few weeks.
In the current situation, we can only wait for the situation to develop. Given that the holidays have already begun, the current wave may take on an even longer form. And now it makes no sense to understand its internal waves, since this structure can turn out to be almost any length.
There was no news background for the EUR/USD instrument on Tuesday, as well as on Friday and Monday, and for most of last week. For several weeks in a row, the market can be said to be resting, although the reasons for this have appeared only recently. Today, the market activity increased slightly, and the U.S. currency rose by 40 basis points. Although I cannot say that reports from the U.S. are involved in this movement.
The housing price index and the Richmond Fed manufacturing index are all that came out in the U.S. today. Both of these indicators turned out to be slightly higher than market expectations, but still, these reports are not so important as to cause a movement of 40 points, at a time when the market has been resting for several weeks in a row.
It is possible that the U.S. statistics influenced the demand for the dollar, but this may be a coincidence. This movement did not affect the wave pattern of the pair in any way.
Meanwhile, the EU reports that over 78% of its adult population has already been vaccinated against coronavirus in 2021. This was stated by European Commission President Ursula von der Leyen.
General conclusions
Based on the analysis, I conclude that the construction of the downward wave C can be completed. However, the internal wave structure of this wave still allows the construction of another downward internal wave. Thus, I advise selling the instrument with targets located around the 1.1152 mark, for each downward signal from the MACD, until a successful attempt to break the peak of wave d occurs. New sales should not be opened on each signal. It is better to place a restrictive order above the peak of wave d once.
The wave pattern of the higher scale looks quite convincing. The decline in quotes continues and now the downward section of the trend, which originates on May 25, takes the form of a three-wave corrective structure A-B-C. Thus, the decline may continue for several more weeks until wave C is fully completed (it should take a five-wave form in this case).
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