Analysis for November 10th, 2011
We may assume that the extension
in wave 3
continues. On the minor wave level the price has completed the second wave, and now is forming the third one. There is a possibility that the pair may continue growing in the nearest future. The target for the bulls is the level of 0.9300.
As we expected yesterday, the price started growing again inside wave 
. On Tuesday the price was able to reach a new maximum in wave 
, thus confirming the main scenario. Most likely, the bulls will continue pushing the market upwards during the day.
The EUR/USD currency pair has finally stopped consolidating and reached a new local minimum. The price started the formation of the descending wave [C] of Y
. It looks like this impulse is not completed yet, and this wave may continue in the nearest future. The target for the bears is the level of 1.3100.
The price completed diagonal triangle
pattern in wave (C) of [B]
, and then started falling down. We may suppose that the price has formed an initial descending impulse in wave [C]
. After the local correction is finished, we can expect the start of one more bullish wave.