FX.co ★ EUR/USD wave analysis for March 17, 2011

Due to the fact that all market’s attention is riveted on the events in Japan, Europe’s problems seem to have become less topical. At the same time, the EUR/USD has been trading in the range between 1.3860 and 1.4000 for three days already; current wave structure allows a possibility of the uptrend to be resumed. In the meantime, given the extremely high demand for the yen and the franc (as sheltering currency), price movement in the sideways corridor might continue until the horizontal triangular structure is formed.