FX.co ★ Wave analysis of the EUR/USD currency pair for December 22, 2009

Indicating the 4th wave in assumed c wave at the minimal divergence upward, the EUR/USD currency pair continued to decline. Probably, we are observing the beginning of the 5th wave formation in mentioned above c wave now. As we said before, during the decrease the equality of a and c waves was broken, so it is possible to wait for the descendant trend continuation up to 1,4175 and further to 1,4010. At the same time, the strong divergence on MACD signals about the fact that the price may start its correctional motion up at any moment.

Best regards,

Analyst: A. Dneprovskiy.