FX.co ★ EUR/USD wave analysis for January 27, 2011

The whole previous day the EUR/USD currency pair was trading in a quite narrow price range near the 37 figure level. At the same time, it seems that the price started to form an inner wave structure of the 5th wave in the estimated c. However, at the moment it is quite difficult to define the target level from which the euro will start declining, which is predicated by significantly overbought indicators.