Globally, the wave pattern of the EUR/USD pair still looks quite convincing and it seems that wave 4 is quite complete. If this assumption is correct, then the quotes' growth will continue from the current levels within the construction of wave 5 with targets located above the high of the expected wave 4. This means that this pair will rise to at least to the 20th figure and most likely even higher. On the other hand, there is currently no discussion about the downward wave 4.

In the smaller time frames, the wave pattern shows that three waves of a smaller order built inside the assumed wave 4 have already completed its formation. Yesterday, this pair gained only around 30 pips, but remains within the framework of building wave 5 of the upward trend section. So far, there are no prerequisites for completing the growth of the instrument's quotes. Nevertheless, the amplitude of trading has declined recently and the markets are reducing their activity.

There was not much news yesterday. Markets are still closely watching Donald Trump, who is confirmed to be infected with COVID-19, but has already been discharged from the hospital only after three days, and is now in full control of the country and preparing for the elections. However, it is unknown how he makes contacts with other people. On another note, he already managed to cancel negotiations with the Democrats on a new package of aid to the economy in his first two days of being discharged. Today, Trump has returned to his favorite topic – accusing China again for spreading COVID-2019, which was expected since he contracted the said virus. At the same time, it became known how other White House employees would work next to the infected Trump. According to the head of administration of the White House, Mark Meadows, everyone who will be in direct contact with Trump will be given glasses, face masks and other personal protective equipment, although in turn, Trump's doctor said that he is already fine.

In terms of news background, there will be few global economic statistics today. In fact, there is nothing to pay attention to. US unemployment claims are not the most important report and there is no other data right now. Yesterday's Fed's minutes also did not affect the markets. It was said that the monetary committee has no reason to tighten policy until the labor market is fully restored and inflation is stable above 2%. This means that we should not expect a growth in the US inflation rate, as in the rest of the world for the coming years.

General conclusions and recommendations:

Since the euro/dollar pair has presumably completed the formation of correctional wave 4, I recommend buying the pair with targets located near the calculated level of 1.2012, which equates to 0.0% Fibonacci.