Analysis for January 5th, 2012
It looks like the price is starting to grow up in wave 
. The forecast of the price movement remains bullish. Most likely, the pair will reach a new local maximum within the next several days. The first target for the bulls is at the level of 0.9600.
After completing diagonal triangle
pattern in wave C of (2)
, the price formed an initial rising impulse
in wave 1
. It looks like the local correction is taking place at the moment. In the near term, we can expect the price to complete wave 2
and start growing while forming the third one.
After completing wave 2
, the price started falling down in wave 3 of (3)
. Most likely, the pair will reach a new local minimum within the next several days. The forecast of the price movement is still bullish, the short-term target is at the level of 1.2500.
As we can see at the H1 chart, wave 2
took the form of a usual zigzag
pattern. On the minor wave level we can see the formation of a descending impulse in wave 
. The price may continue falling down during the day.