FX.co ★ EUR/USD wave analysis for March 21, 2011

On Friday the EUR/USD managed to resume upside movement in the direction of the 42 figure level. Thus, the formation of the inner wave structure of the 3rd wave in the 3rd (in the 3rd, or C) was continued. At the same time, given the correlation between the 1st and the 3rd wave, a decline in the range of the future 4th wave might start from current levels or the 1.4275 level. Simultaneously, when opening or keeping positions you should keep in mind the MACD divergence and geopolitical risks related to the peacemaking operation in Libya.