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

The EUR/USD currency pair did not manage to pass the 1.3835 level and rolled back for more than 1 figure by the end of the day. At the same time this visible rebound does not denote that the price cannot fixate above the 2 February high and continue the formation of inner wave structure of the estimated C. If so, the 1.3835 will be the top of the 1st wave in this C. However, quite strong MACD divergence indicates a continuous downside correction.