FX.co ★ EUR/USD wave analysis for January 28, 2011

During yesterday’s trading the EUR/USD currency pair has finally reached the correction level 76.4%. At the same time, inner wave structure of the 5th wave in the estimated c does not look complete at the moment. It is worth mentioning that complex inner structure of the 5th wave gives the euro an opportunity to continue growth to the respective parity of the waves a and c near the 1.3830 level. However, given strongly overbought indicators, a reverse of the price down after another attempt to pass the 1.3740 – 1.3755 level.