FX.co ★ EUR/USD wave analysis for September 7, 2011

As expected, another attempt of the EUR/USD to pass the 1.4050 level resulted in a rebound of the rate to the upside. At the same time in force majeure conditions such 200 point move was quite dynamic and ended near 1.4245. Therefore, we might suppose that the price finished to form the estimated a wave of the current downside correction. In the meantime, further resumption of the euro decline has probably indicated the beginning of developing b wave of the current correction.