Wave analysis of EUR/USD for August 10, 2010

It seems that the pair’s price is forming a correctional structure, in which wave b leaves the limits of the top of the previous wave of the major trend. The existing situation allows us consideration of the variant of full correctional structure formation with the first supposed target around the 31st mark or even the 30th pattern. It should be mentioned that if the current correction takes more prolonged form, it can be identified as the 4th wave of entire upward trend on the euro. For now, we see the reaching of the first correctional levels estimated from the dimension of the 3rd wave (or C).