Analysis for January 31st, 2012
The price continues forming a rising impulse in wave C
with the fifth wave inside it. Most likely, the pair will reach a new local maximum during the day. In the future, we can expect the start of a new bearish wave.
If we take a look at more detailed wave structure, which is shown on the H1 chart, we can see that the price completed the fourth wave and started forming an impulse in wave (5) of 
. The forecast of the price movement for Tuesday remains bullish. There is a possibility that the market may start growing up inside the fifth wave.
pattern inside the second wave is about to be completed soon. On the minor wave level we can see the formation of the fifth wave. Most likely, the pair will reach a new local maximum during the day. After that we can expect the price to start falling down again.
As we can see at the H1 chart, the fourth wave has been completed in the form of irregular
pattern. At the moment Euro is growing up in wave 5 of (C)
. The price may continue moving upwards during Tuesday.