FX.co ★ Wave Analysis of EUR/USD for September 21, 2010

The consolidation of the EUR/USD pair around the levels of 1.3050 — 1.3100 is likely to denote that the 5th wave of the entire uprising movement developing since late August has actually completed. Thus, it can be assumed that the started on Friday rates decrease could have marked the 1st wave of the future descending part which in prospect has a chance to obtain a form of the correctional series of waves abc. By farm, the earlier reached high at 1.3155, can be considered the peak of the wave A of the future prolonged horizontal wave structure.