Wave analysis of the EUR/USD pair for August 20, 2010

Rather disappointing data from the USA did not influence the market attitude to the US dollar. On the contrary, an attempt of the euro growth during the Asian and European sessions was compensated by further rate decline of the EUR_USD pair almost to the level of the 24-hour starting point. Thus, the price again stopped at the bottom line of the rising corridor of the correctional structure since June-July. Regarding the waves, it is possible to talk about the continuation of the expected correctional wave 2 or B formation. Meanwhile, the correctional levels hitting looks uncertain, thus we can still wait for the price uprise at least to the level of 38,2% (1,2965).