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The wave marking of the EUR/USD instrument in global terms still looks quite convincing in everything that concerns the upward section of the trend, which presumably ended with wave 3 on the first of September. After this day, the construction of the proposed wave 4 began, which at first took a three-wave form, but the decline in quotes this week led to a complication of the internal structure of this wave. Thus, the entire wave that begins on September 1 takes on a more complex and extended form and may even be not wave 4, but the first wave as part of a new downward trend section.
The wave marking of a smaller scale shows that two smaller waves have already been built inside the assumed wave 4, while the assumed wave 3 or C in 4 is currently being built, within which smaller-scale waves are also being viewed. The entire downward wave, which began its construction on September 1, is unlike an impulse wave. If this assumption is correct, then we are now seeing the construction of wave 4, which takes a complex and extended form. A successful attempt to break through the level of 23.6% suggests that the instrument is ready for further decline.
The movements of the Euro/Dollar instrument this week fully corresponded to the current wave marking. Despite the fact that there were quite a lot of important events this week, there was not enough important information. US Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell spoke to various congressional committees three times during the week. However, their performances only led to a weak increase in the US dollar. It is not even certain that these speeches could have caused the growth of the US currency. As mentioned before, the wave marking, even without the speeches, suggested a decrease in the instrument's quotes.
America does not have any other news at the moment. Markets are still very much interested in two topics. The first - the coronavirus - has faded into the background as the epidemiological situation improved slightly in recent weeks. However, this opinion is ambiguous since 40,000 new cases of infection are recorded daily. On the contrary to this, what came to the fore is the second topic - the upcoming presidential election case. The last important information says that the case may reach the US Supreme Court, as either Donald trump or Joe Biden may not recognize the election results. Trump opposes voting by mail, while Biden believes that his opponent will try to rig the election. In general, it is very probable that the case will have to go to court, in which one of the judges, Ruth Ginsburg, who was not a fan of Trump and opposed him, recently died at the age of 87. Now, Donald is going to replace her with a new candidate before the election, and experts say that in this case, as many as six of the nine judges will be appointed by Republican presidents. Therefore, if the election case does go to court, it is Trump who can count on a decision in his favor.
General conclusions and recommendations:
The Euro-Dollar pair presumably completed the construction of the global wave 3 or C and the second corrective wave as part of the trend section that begins on September 1. Thus, at this time, It is still recommended to sell the instrument with targets located near the estimated 1.1520 mark, corresponding 38.2% Fibonacci, for each MACD signal down.
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