20.11.202015:24 Forex Analysis & Reviews: Analysis for EUR/USD on November 20. US election: the battle for Pennsylvania. What's the point of Donald Trump?

Exchange Rates 20.11.2020 analysis

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 construction of a rising wave 5. However, it is also a possible scenario in which the tool will continue to move three-wave structures, therefore, the construction of the assumed wave from the next three-wave upward trend section continues. In any case, according to the current counting, the instrument quotes are expected to rise in the next week.

Exchange Rates 20.11.2020 analysis

A smaller-scale wave marking also indicates the end of the downward section of the trend that begins on October 21. Now a new three is being built up, or the upward trend section within the global wave 5 has resumed altogether, 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 is recovering following the current wave marking, which implies the construction of an upward wave. All the votes in America have finally been counted and Joe Biden has 306 votes and Donald Trump has 232 votes. So the gap is more than 70 votes. Nevertheless, despite such an impressive margin, the team of Donald Trump does not give up and bombards the courts of almost all states in which Trump lost, believing that recounts of votes are needed or even complete cancellations of the voting results. That is, Trump still does not admit defeat. He understands that if the state cancels the election results, there will be no re-election. The electoral college will determine who to vote for. And it is much easier to negotiate with 20-30 people than with several million Americans.

The most violent power struggles are now taking place in Pennsylvania. This state gives 20 electoral votes to the winner. Even though Trump is 80,000 votes behind Biden in this state, the President's lawyer, Rudolph Giuliani, asked the state's federal judge to declare Trump the winner. The state judge himself said that Trump's representatives want to recognize the illegal vote in the state and completely cancel its results. According to Giuliani, more than 680,000 votes cannot be counted, since GOP observers were denied access when they were counted. However, the court continues to reject the claims of the Trump team, considering that the arguments and evidence provided by the Republicans are not sufficient. In any case, even if you completely take away all 20 electoral votes from Biden and give them to Trump, the score will be 286-252 in favor of Biden again. Thus, nothing will change from the revision of the results of the vote in Pennsylvania. But maybe Trump intends to act in the same way in several states.

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.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Chin Zhao,
Esperto analista di InstaForex
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