Analysis for January 23rd, 2012
The local correction inside the fourth wave is almost completed. In the near term, we can expect the price to continue growing up in wave 
of C. After the pair tests the level of 0,8150, we should expect the market to reverse and start moving downwards.
If we take a look at more detailed wave markings, which are shown on the H1 chart, we can see that wave 
has been completed in the form of zigzag
pattern. The market is several pips away from the local maximum. The price may continue moving upwards during Monday.
After making a rapid rising movement inside wave (A)
, it’s quite logical that the price started the correction. Most likely, wave (B)
will be finished within the next several days. In the future we can expect one more rising wave inside the fourth one.
At the H1 chart the price is forming a descending zigzag
pattern in wave (B)
. On the minor wave level Euro is falling down and may continue moving downwards while forming wave C
during Monday. After the price finishes the correction, the market may reach a new local maximum while forming wave (C) of