Analysis for August 17th, 2012
We may assume that wave 2
has been finished in the form of zigzag
pattern. On the minor wave level the price is forming an initial impulse inside wave 
. In the near term, we can expect the pair to continue moving downwards.
More detailed wave structure is shown on the H1 chart. It looks like the price has formed not one, but two descending impulses in a row. We can’t exclude a possibility that the pair may start falling down and form wave 3
has been completed in the form of zigzag
pattern. At the moment the market is still at the very beginning of wave  of 3
. Most likely, Euro will continue falling down in the nearest future. The price may reach a new local minimum of wave 
within the next several weeks.
As we can see at the H1 chart, the pair is forming wave 2
. The critical level in this case is the maximum of wave (2)
. We can expect Euro to start falling down inside wave 3 of (3)