FX.co ★ EUR/USD wave analysis for May 31, 2011

Trading in the range yesterday did not allow the EUR/USD currency pair to choose further direction. Nevertheless, the narrow price range allowed the pair to form the wave structure that now looks like a part of the future 4th wave in the c, in the estimated B. If so, after the activity on the markets resumes and the decline within the 4th wave ends, the euro might continue advancing in the direction of the targets located above the 44 figure level.