The wave marking of the EUR/USD instrument continues to look quite confusing. The current wave structure still allows the completion of the construction alleged global wave 4 and the 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, the construction of the assumed wave from the next three-wave upward trend section is now continuing. In any case, according to the current markup, the instrument's quotes are expected to increase in the next week.
A smaller-scale wave marking also indicates that the next three-wave section of the trend is still being built. It is also possible that the upward section of the trend within the global wave 5 has resumed, as I mentioned when analyzing the 24-hour timeframe. In any case, the current wave should lead to an increase in quotes above the peak of the previous wave a, that is, above the 19th figure. A successful attempt to break through the minimum of wave b will require making adjustments and additions to the wave markup.
Demand for the European currency remains quite high, as markets continue to look with great caution towards the US currency. The events of recent weeks and months in the United States continue to be alarming because it is completely unclear what the consequences of all this chaos will be. Markets have already learned that if Donald Trump wants to achieve something, he will use all available methods to achieve this goal. And it does not matter what these methods will be and what the consequences of his actions will be for the country. Thus, the US currency is still not in demand, as it is in the grip of the President of the United States. He still files a huge number of lawsuits in the federal courts of the states where he lost the election. Experts say that Trump will try to delay the transfer of power as much as possible and until the last moment will try to revise the results in 3-4 states or even cancel them altogether so that the fate of the elections will be decided by the electors, who can vote for whoever they want and are not required to follow the opinion of the residents of the state. However, electors are also required to vote for the winner in the state, otherwise, they may be subject to fines and other penalties. However, what is sanctions and fines when it comes to the post of President of the United States? It seems that Donald Trump also understands this and will try to influence the final results of the electoral vote. Naturally, the markets do not like such actions of the President, who is not going to admit his defeat in the elections, although it is very convincing. Accordingly, the markets are waiting for it to end. Joe Biden is also unable to start preparing for his new position. He does not have access to a special fund that provides funds for the formation of his team. Also, Donald Trump does not transfer all the cases to the Democrat, which also slows down the entire process of transferring power.
General conclusions and recommendations:
The euro/dollar pair presumably continues to build a three-wave upward 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.
