FX.co ★ EUR/USD wave analysis for June 8, 2011

Due to the incompleteness of the 5th wave inner wave structure, yesterday the EUR/USD resumed upside movement within the estimated 5th wave (in the 5th). At the same time observing one of the possible targets located near 1.4660-1.4670. The euro is demonstrating an intention to continue the growth to the 48 figure level. In the meantime, as we have already mentioned, strongly overbought indicators might demonstrate further deep correction of the price.