FX.co ★ EUR/USD wave analysis for September 23, 2011

After breaking the September 12 low yesterday the EUR/USD currency pair continued to decline and fell down to the 1.3380 level by the end of the day. Therefore we might suppose that the price is forming the inner wave structure of the 3rd wave in the indicated 5th. If so, given the correlation between the 1st and the 3rd wave in this 5th the targets for this 3rd wave might be located in a quite wide range between 1.3350 and 1.3230.