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FX.co ★ EUR/USD wave analysis for May 16, 2011

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Forex Analysis:::2011-05-16T08:53:23

EUR/USD wave analysis for May 16, 2011

EUR/USD wave analysis for May 16, 2011

During the previous week the EUR/USD trading was limited by the correction scenario developing since May 4 from the 1.4940 level. At the same time, the price dynamically formed the b wave of this correction and continued the downside movement within the range of the c wave in the estimated 4th, in the 3rd or C. If so, the decline might develop in the direction of the 40 figure level or the 1.3740 level, which coincides with the parity of the waves a and c.

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