FX.co ★ EUR/USD wave analysis for January 19, 2011

In general, as expected, the EUR/USD pair resumed growth and managed to test the 1.3460 level, reached earlier. At the same time the 4th wave of the current uptrend section can be considered complete; the euro is probably continuing to advance in the range of the 5th wave. Moreover, given the wave dimension of the uptrend and the 5th wave structure we can suppose that targets for the whole upside movement of the pair might be located near 1.3490-1.3510.