FX.co ★ EUR/USD Wave Analysis for August 23, 2011

Yesterday EUR/USD was trading within a narrow price range during the whole day between the correction levels of 23.6 and 38.2%. Thus, if the situation develops by the correction scenario it will be possible to assume that the price is forming a wave structure of the wave b in this correction. Meanwhile, after finishing of this b the euro may continue the decline to the 43rd figure or to the correction level 76.4%. At the same time, considering a difficult situation on the markets the renewal of the increasing movement should not be excluded, possibly from the current euro prices.