FX.co ★ EUR/USD wave analysis for March 10, 2011

After Monday-Tuesday decline, yesterday the EUR/USD currency pair was correcting to this downward section. Thus, the price is probably continuing to form the wave structure of a more continuous future movement. If so, yesterday’s movement to the 1.3950 level was probably limited by the range of the 2nd wave, or b, of such correction. At the same time the MACD is demonstrating divergence to the uptrend initiated in early January.