FX.co ★ The EUR/USD wave analysis for January 7, 2011

The EUR/USD currency pair started declining in favor of the dollar and stopped several pips close to the lows of the early November. It is worth mentioning that testing of the 1.2970 level might result in a quite dynamic rebound in the direction of the 32 figure. At the same time current decline for more than 400 pips may be considered as price movement in the range of the d wave of a triangular correction structure with an extension of this wave starting from this d.