diff --git a/ClosedXML/Excel/CalcEngine/XLCalcEngine.cs b/ClosedXML/Excel/CalcEngine/XLCalcEngine.cs
index 108ea40..33bfb7f 100644
--- a/ClosedXML/Excel/CalcEngine/XLCalcEngine.cs
+++ b/ClosedXML/Excel/CalcEngine/XLCalcEngine.cs
@@ -90,9 +90,9 @@
         // ** implementation
         private object GetValue(IXLCell cell)
         {
-            if (_evaluating)
+            if (_evaluating || (cell as XLCell).IsEvaluating)
             {
-                throw new InvalidOperationException("Circular Reference");
+                throw new InvalidOperationException($"Circular Reference occured during evaluation. Cell: {cell.Address.ToString(XLReferenceStyle.Default, true)}");
             }
             try
             {
diff --git a/ClosedXML/Excel/Cells/XLCell.cs b/ClosedXML/Excel/Cells/XLCell.cs
index 97086c1..b0e368c 100644
--- a/ClosedXML/Excel/Cells/XLCell.cs
+++ b/ClosedXML/Excel/Cells/XLCell.cs
@@ -356,6 +356,11 @@
                 return cValue;
         }
 
+        /// <summary>
+        /// Flag showing that the cell is in formula evaluation state.
+        /// </summary>
+        internal bool IsEvaluating { get; private set; }
+
         public object Value
         {
             get
@@ -394,7 +399,17 @@
                             return referenceCell.Value;
                     }
 
-                    var retVal = Worksheet.Evaluate(fA1);
+                    object retVal;
+                    try
+                    {
+                        IsEvaluating = true;
+                        retVal = Worksheet.Evaluate(fA1);
+                    }
+                    finally
+                    {
+                        IsEvaluating = false;
+                    }
+
                     var retValEnumerable = retVal as IEnumerable;
 
                     if (retValEnumerable != null && !(retVal is String))
diff --git a/ClosedXML_Tests/Excel/Cells/XLCellTests.cs b/ClosedXML_Tests/Excel/Cells/XLCellTests.cs
index a6daf62..deab706 100644
--- a/ClosedXML_Tests/Excel/Cells/XLCellTests.cs
+++ b/ClosedXML_Tests/Excel/Cells/XLCellTests.cs
@@ -524,6 +524,7 @@
                 {
                     Assert.AreEqual("B1:E3", c.CurrentRegion.RangeAddress.ToString());
                 }
+
                 Assert.AreEqual("B1:E4", ws.Cell("E4").CurrentRegion.RangeAddress.ToString());
 
                 //// SECOND REGION
@@ -531,6 +532,7 @@
                 {
                     Assert.AreEqual("F1:H4", c.CurrentRegion.RangeAddress.ToString());
                 }
+
                 Assert.AreEqual("F1:H5", ws.Cell("F5").CurrentRegion.RangeAddress.ToString());
 
                 //// DIAGONAL
@@ -613,5 +615,27 @@
                 Assert.AreEqual("B2", cell.FormulaA1);
             }
         }
+
+        [Test]
+        public void FormulaWithCircularReferenceFails()
+        {
+            using (var wb = new XLWorkbook())
+            {
+                var ws = wb.AddWorksheet("Sheet1");
+                var A1 = ws.Cell("A1");
+                var A2 = ws.Cell("A2");
+                A1.FormulaA1 = "A2 + 1";
+                A2.FormulaA1 = "A1 + 1";
+
+                Assert.Throws<InvalidOperationException>(() =>
+                {
+                    var _ = A1.Value;
+                });
+                Assert.Throws<InvalidOperationException>(() =>
+                {
+                    var _ = A2.Value;
+                });
+            }
+        }
     }
 }