Wave line pattern analysis:
The ECB decision on its rate and G20 summit contributed to uncertainty of the current wave situation for EUR/USD, though on the whole, a rising correction is developing (in relation to a falling zone shaped October 27 – November 1) as it was expected. Within the framework of the correction the price has already finished a series of abc waves within the limits of a b alleged wave. If this is the case, then the euro may test 36 figure level from its yesterday highs (approximately 1.3930). At the same time it is worth mentioning that the position of indicators allows resuming falling trend and further growth of quotes to the October high.
General conclusions and trading recommendations:
Proceeding from the wave line pattern, the situation is unfolding in compliance with the scenario. The rising correction is continuing; it is not recommended to trade it off. Abc waves formed within b wave can suggest that correction is over, that is why from the current rates we can see the declining trend part resuming. So, if this point of view is true, then as soon as the downward trend resumes bearish trading targeted to 1.3482 would be recommended (23.6% Fibonacci). The Stochastic Oscillator position does not support either variant, yet does not deny any as well.