FX.co ★ EUR/USD wave analysis for March 2, 2011

During the whole previous day the EUR/USD currency pair was trading in a narrow price range above the 38 figure level. Such consolidation is probably conditioned by the fact that the euro is preparing to pass the February’s high in the framework of the scenario supposing the formation of the C wave of the whole uptrend initiated January 10. Closest targets for such advance might be located near the 1.4000 level. At the same time, current MACD divergence requires carefulness when keeping long positions.