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

Most of the day the EUR/USD currency pair has been staying near the 1.3620 level and only in the afternoon it managed to decline 60 pips. However, such insignificant decline allowed the price to form almost complete 5-wave structure, which is probably a part of the a wave of a more continuous future downside correction. If so, after the 5th wave in the estimated a is formed we can expect the price to go up to the 37 figure levels.