FX.co ★ EUR/USD wave analysis for May 19, 2011

During yesterday’s trading the EUR/USD could not define further direction. At the same time, the price is still within the wave structure that at the moment can be characterized as another series of abc correction waves. Thus, current situation allows both resumption of downside movement in the range of the future 5th wave in the estimated 3rd (or C), and possible development of a new uptrend section.