FX.co ★ EUR/USD wave analysis for May 4, 2011

Good data on the US factory orders could not provide substantial support for the US currency. As a result, the EUR/USD currency pair continued to move between the levels of the 48 and the 49 figures. In the meantime, Monday’s high looks like the top of the 3rd wave (in the 5th) at the moment. If so, we can expect further decline of the euro to 1.4700 (or 1.4650) and forming of the 4th wave (in the 5th).