FX.co ★ EUR/USD wave analysis for February 14, 2011

On Friday the EUR/USD currency pair continued forming another round of declining of the euro. As a result of such downside movement the pair reached the correction level 38.2%, calculated in accordance with the whole uptrend between January 10 and February 2. At the same time the price has formed another series of waves abc, thus allowing a possibility that current correction might take longer than expected and in the future have a shape of an inclined triangular structure.