FX.co ★ EUR/USD wave analysis for March 11, 2011

Yesterday the EUR/USD pair continues its downside movement, having declined more than 130 pips during the trading. At the same time, the decline slowed down near a quite strong support level 1.3780, which corresponds with 50% correction in relation to the upwards section of the trend, formed February 14- March 7. Besides, as we can see on the graph, this is where we find a parity of the 1st wave (a) and the 3rd (or c) of the current assumed correction. Thus, we can conclude that even if the price is not starting do grow again, it must at least slow down its declining.