Analysis for August 9th, 2012
We may assume that wave [C] of 2
has been completed. On the minor wave level the price is forming an initial impulse inside wave 
. Most likely, the price will continue moving downwards in the nearest future.
has been finished with diagonal triangle
pattern inside the fifth wave. The price has completed an initial impulse inside wave (1)
. Currently the local correction is taking place, but later we can expect the pair to continue falling down while forming the third wave.
has been completed in the form of zigzag
pattern and right now the price is starting to move downwards and form wave  of 3
. Most likely, the price will continue moving downwards in the nearest future. Later Euro may reach a new local minimum.
As we can see at the H1 chart, after completing diagonal triangle
pattern inside wave 5 of (C)
, the price has already formed an initial impulse inside wave 1
. At the moment the pair is forming wave 2
, and after this wave is finished we can expect Euro to start falling down inside the third one.