FX.co ★ EUR/USD wave analysis for May 17, 2011

Despite the fact that yesterday the EUR/USD currency pair could not continue the downside movement and moved two figures away from the reached lows, the whole estimated 3rd wave (or C) does not look complete at the moment. If so, the price should form the 5th wave in this 3rd (or C). At the same time, a possible target of such decline might be the correction level 61.8% that coincides with the 40 figure level.