FX.co ★ EUR/USD wave analysis for March 22, 2011

During the whole previous day the EUR/USD currency pair was trading in the range slightly below the 42 figure and managed to test the 1.4240 level only later in the day. Thus, inner wave structure for the 3rd wave, in the 3rd (in the 3rd or C) is still being formed. At the same time, as we mentioned before, the 1.4275 level might be the target for this 3rd wave. Simultaneously, clearly visible MACD divergence might indicate the forthcoming decline of the euro.