FX.co ★ EUR/USD wave analysis for March 24, 2011

Yesterday the EUR/USD pair declined by almost a figure and stopped by the end of the day near the 41 figure level corresponding with the 38.2% correction level, calculated for the whole dimension of the 3rd wave, in the 3rd (in the 3rd or C). In this respect the euro might resume upside movement from the above mentioned correction level and start forming the 5th wave in this 3rd. On the other hand, we should not exclude the possibility of the 4th wave inner wave structure to become more complicated and continue declining to the next correction levels.