The wave pattern in the EUR / USD pair remains unchanged, but if the quote successfully passes the current high of wave 3 or C, then the entire structure will have a new and even more complex form. Nonetheless, wave 4 will still be built, and it will be part of the upward trend even if its form turns out to be a downward one.
Meanwhile, wave 3 or C on the lower time frames seems to be completed already, however, several points in the pattern are frankly alarming. First, the EUR/USD pair failed to pass the low of the expected wave 4, thus, doubts have risen on the readiness of the markets in building a correction. In addition, the pair has a high chance of breaking out from the high of wave 5, which will lead to a complication in the upward trend, particularly in the rise of quotes in the market.
There were also a lot of interesting events last Thursday and Friday, the most important of which was the speech of Fed Chairman Jerome Powell at the Jackson Hole economic symposium. There, Powell discussed the Fed's target inflation and said that the bank will pay more attention to average inflation rates for several months before making any decision on the monetary policy. In any case, in the future, even if inflation rises to 3% in the United States, the Fed will not go for a tighter monetary policy, as the US economy still needs serious stimulation. Such a decision led to a sharp decrease in demand for the US dollar.
General conclusions and recommendations:
Wave 3 or C in the EUR/USD pair is still in the process of completion, thus, at this time, long positions to 1.2089, or 323.6% Fibonacci are suggested. Such is the most profitable trading strategy in the market as of this moment.