FX.co ★ EUR/USD wave analysis for March 23, 2011

During yesterday’s trading the EUR/USD was moving in the range, approaching the 1.4250 level to test it and return to the 42 figure level. At the same time, at the moment the 3rd wave in the 3rd (in the 3rd, or C) looks complete. Simultaneously, the 5th wave in this 3rd might become even more complex, and the price will pass the 1.4275 target level to decline further, thus easing the MACD divergence in the range of the future 4th wave.