FX.co ★ EUR/USD wave analysis for February 23, 2011

Given the corrective scenario of the wave situation development, yesterday the EUR/USD currency pair was on the stage of forming the e wave of the inclined triangle. If so, given high volatility on currency markets we might let in the possibility that the spot rate can decline to the correction level 50.0% (1.3370) and further to 1.3250. At the same time, given the volatility, the e wave might become simplified and its yesterday’s low might become its completion.