FX.co ★ Wave analysis of the EUR/USD currency pair for December 10, 2009

Yesterday, the EUR/USD currency pair continued to fall, having passed almost five figures during the week. At the graph, there is one of variants of the current formatting with a focus on the complicated fifth wave. Anyway, it is well seen, that on drawing near the low line of the major trend the price started to slow down. There is a possibility that the correctional fallback or the next wave formation of the extended sideward trend can start approximately from 1.4950. Also strong MACD’s divergence and high stochastic overbought come under notice and because of that, it is reasonable to expect the correction beginning soon.

Best regards,

analyst: Alexander Dneprovskiy.