The wave marking of the EUR/USD instrument still looks pretty convincing in global terms, and wave 4 is quite complete. If this is true, then the increase in quotes will resume from the current levels within the construction of wave 5 of the upward trend section. Accordingly, the entire section of the trend that commenced in March of this year, acquires a 5-wave form, which means that the US currency is again not in demand in the foreign exchange market.
The wave marking of the smaller scale shows that three smaller-order waves were built inside the assumed wave 4, and three even smaller-order waves were built inside the assumed wave b in 4. Thus, the entire wave 4 may already be completed. If this is true, then the increase in quotes will continue from the current levels with goals located above the peak of wave 3 or C. How much higher will depend on the news background for the instrument?
The last day of the past week was quite rich on crucial events. In Europe, the report on inflation is higher. Meanwhile, in the US, the report is about the number of new jobs created outside the agricultural sector. Therefore, the markets have most likely traded the instrument more actively than they did in the end. The amplitude of the instrument was extremely low, despite the fact that only bad news came from Europe, and we can't even talk about the US now. In the EU, inflation is negative for the third month in a row. This factor will slow down the process of economic recovery, and even ECB President Christine Lagarde has repeatedly drawn the attention of markets to the too high exchange rate of the Euro. In the United States, Donald Trump is hospitalized but somehow managed to drive a car around the hospital where he is being treated to wave to his fans. It is also reported that Trump is being treated with fairly strong medications that are prescribed to patients with a complex form of COVID-19. However, there is still a possibility that the US President might return to the White House today or tomorrow. At the same time, it is unclear how he can do this if he has to be isolated for at least 14 days. Either this news is fake, or the floor of the White House will have to be isolated along with Trump.
In addition to the news related to the coronavirus, there was also unfortunate economic news in America. Non-Farm Payrolls were lower than the markets expected, with just +661,000 new jobs. However, it was pleasing to learn that the inflation rate fell to 7.9%. The indicator of hidden inflation decreased to 12.8%. Despite this, with such a serious set of various kinds of news, neither the dollar nor the euro showed a significant increase. Thus, the markets simply rested that day or were completely confused. The US election is less than a month away, and this topic remains extremely important for the US currency.
General conclusions and recommendations:
The euro-dollar pair has presumably completed the construction of the correction wave 4. Thus, it is recommended to buy a tool with targets located near the calculated mark of 1.2012, which corresponds to 0.0% Fibonacci, for each MACD signal up, in the expectation of building a global wave 5.
