FX.co ★ EUR/USD wave analysis for February 4, 2011

The decision of ECB to retain the interest rate unchanged pushed the EUR/USD to continue recent downside movement. At the same time, during the trading the euro declined by 1.5 figures and designated a low near the 36 figure level. Thus, the 5th wave in the estimated A can be considered complete. Based on this and given the current inner wave dimension of the recent decline we can suppose that it is developing in the direction of the target level 1.3520.