FX.co ★ Wave analysis of the EUR/USD currency pair for January 15, 2010

It seems that Wednesday’s high can become the top of the complicated 5-wave structure from December 22. In such situation logically to expect the price of the EUR/USD pair movement, at least, to 44th figure zone or below it – to 1.4355. At the same time, on the basis of the remaining general uncertainty at the market, it can be assumed that such movement may be prolonged. In view of the above, the mentioned Wednesday’s high could point at the first wave ending of a new cycle of the euro strengthening; or at “a” wave in another line of the prolonged sideways trend.

Best regards,

analyst A. Dneprovskiy