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The wave marking of the EUR/USD instrument continues to look quite confusing. So far, I'm leaning toward the option with the completion of the building of the anticipated global wave 4 and construction of a rising wave 5. However, it is also a possible scenario in which the tool will continue to move in three-wave structures. Therefore, now a wave will be built from the next upward trend section. In any case, according to the current counting, the instrument quotes are expected to rise in the next week.
A smaller-scale wave marking also indicates the possible end of the downward section of the 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 so, then this is wave 3 or C, after which it may resume in the market if the assumption about the formation of wave 5 is wrong.
Over the past week, markets have been talking about a new coronavirus vaccine from the American Pfizer. This topic is certainly important for the whole world and even shifted the topic of the presidential election in America, which has not yet ended, from the front pages. However, the more everyone is interested in studying the new vaccine, the more it becomes clear that this is not an ideal medical product. A new vaccine is difficult to transport, difficult to store, you need several vaccinations for each patient to have an effect. Moreover, whatever the vaccine is, it will take a huge amount of time to produce hundreds of millions of doses, as well as to vaccinate a large part of the world's population. Thus, in the coming months, no improvements can be expected either in terms of the pandemic or in terms of the economy.
Meanwhile, reports on industrial production and GDP were released in the European Union yesterday and today. Both were worse than the markets expected. For the euro currency, this did not become something critical. The demand for the euro is still quite high in the foreign exchange market. However, inflation, GDP, and industrial production in the European Union either remain low or show a tendency to worsen. This is a negative trend. Since September 1, the instrument has been moving mainly using three-wave structures. Thus, it is impossible to conclude that the demand is now higher for a particular currency. However, the prospects for an increase in the euro look dimmer by the day. The situation with the coronavirus in the EU and the EU economy remains quite alarming. However, the situation in America is no better. It's just that America decided to turn a blind eye to the epidemic, that's all. Meanwhile, the US has passed 10.5 million cases and 242,000 deaths from COVID.
General conclusions and recommendations:
The euro/dollar pair 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. The assumed wave b has presumably completed its construction.
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