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The wave marking of the EUR / USD instrument in global terms has undergone certain changes after the quotes fell below the minimum of wave b. Thus, the entire wave marking can take the form of wave 4 of the upward trend section. If this is true, then the increase in quotes will continue with goals located above 20 figures. However, the entire wave layout may take a more different complex form. To further increase the instrument, we need a news background that supports the Euro and this may cause problems.
A smaller-scale wave marking also indicates the possible end of the downward trend that begins on October 21. With the final decrease, the instrument could form a wave from the next three. So, after its completion, a new three can be built up or the upward trend section within the global wave 5 will resume altogether, as I mentioned when analyzing the 24-hour timeframe. If this is the case, then the construction of a correction wave 2 or b may soon begin.
Demand for the US currency increased sharply yesterday after it became known about the successful clinical trials of the coronavirus vaccine by the US company Pfizer. The pharmaceutical company said that the effectiveness of the new vaccine is 90%. Naturally, this news could not be missed by the current US President Donald Trump and the future - Joe Biden. Trump wrote on Twitter that the news about the creation of an effective vaccine is excellent, but immediately accused the FDA of deliberately delaying the results of clinical trials. According to Trump, the FDA did not want him to win the vaccine issue, so it announced the results of the research five days after the election. Trump also said that if Joe Biden was President, the country would not have received the vaccine in four years. Joe Biden also said that the vaccine is good news, however, noted that mass vaccination of the population will begin no earlier than a few months. Therefore, all Americans will maintain a mask mode, distancing and other measures that prevent the spread of the virus.
Based on this news, the US currency received market support but it is unlikely that it will last because of this news alone. Let me remind you that the key theme for the dollar and America remains "elections", and it is far from over. By and large, everything now depends on the current President Trump. If he does declare war on Biden and does his best to challenge the results of the vote, this may force markets to further reduce demand for the US currency. Important economic reports will not be published in America or the European Union today. Market activity in the first half of the day is low.
General conclusions and recommendations:
The Euro-Dollar Pair has presumably completed the construction of a three-wave downward trend section. Thus, at this time, I recommend buying a tool with targets located near the 1.2010 mark, which corresponds to 0.0% Fibonacci, for each MACD signal "up", based on the construction of wave C. However, before the construction of this wave begins, quotes may depart from the reached highs within wave b.
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