The wave marking of the EUR/USD instrument in global terms has undergone certain changes after the quotes went down at the minimum of wave b. Thus, the entire section of the trend, which begins on September 23, now looks three-wave and completed. If this is true, then the decline in the instrument's quotes will continue with targets located around 15 figures and below. Perhaps another three-wave structure will be built down. Yesterday's and today's trades were overactive, which can lead to even more confusion in the wave markup.
A smaller-scale wave marking also indicates the possible completion of a new b wave, which is a corrective one as part of a minimum three-wave descending structure. If this is true, then the decline in quotes will continue from the current levels with targets located around 15 and 13 figures. At the same time, you may need to make adjustments and additions to the current markup due to yesterday's and today's over-active trades. During Tuesday, the instrument gained 70 basis points, and today it lost 20, but from the peak to the low of the day – 170 points.
The American election has begun and is over. Most of the votes are counted and most of the States have decided on the winner. There are only a few States where the winner has not yet been identified and the counting process may be delayed, since about 60 million Americans voted by mail this year. Thus, counting ballots sent by mail may take longer than counting ballots at polling stations. So far, Joe Biden has won 238 electoral College votes. It is worth noting that the electoral system in the United States is quite peculiar. Each state has its own number of electors and depending on the results of voting in the state itself, all electors give their votes to the winner. Thus, it is the electoral votes that are counted and not the total number of people who voted for a particular candidate across the country. Under this voting system, the candidate who does not get an absolute majority of votes among the entire population of the United States can win. But at the same time, he can win in the largest and most important States and win an overall victory. Joe Biden currently leads with 238 votes. Donald trump has 213 votes and to win, you need to get 270 votes. Despite the proximity of Trump, Biden can still get a sufficient number of votes in the coming hours, since postal ballots are currently being counted. And the mail mostly voted for Joe Biden, as it was he and his supporters who insisted on this possibility of voting due to the coronavirus pandemic. Accordingly, I expect Biden to get the necessary number of votes and be declared as the winner. And here are the events that await us after the counting of votes is completed.
General conclusions and recommendations:
The Euro-Dollar pair presumably completed the construction of a three-wave upward trend section, as well as the expected wave b. Thus, at this time, I still recommend selling the instrument with targets located near the 1.1519 mark, which corresponds to 38.2% Fibonacci, for each MACD signal "down", in the expectation of building a downward wave C.
