EUR/USD wave analysis for May 2, 2011

After recent reaching of the 1.4880 level, on Friday the EUR/USD currency pair traded in a narrow range with amplitude of about 80 pips. At the same time, the inner wave structure of the 3rd wave, in the estimated 5th is getting more complicated. If so, by the end of the trading the price has almost completed the formation of the 4th wave in the range of this 3rd (in the 5th), which might denote further resumption of the growth in the direction of the target level located near the 1.4945 level.