Analysis for February 8th, 2012
It looks like the fourth wave has finally been completed. The consolidation in sideways direction, which has been taking place for the last several days, indicates that the price may continue moving upwards. Most likely, in the near term the pair will start growing up in wave  of C
As we can see at the H1 chart, the fourth wave has been completed in the form of horizontal triangle
pattern. It looks like the correction has been finished and the market is starting to form the fifth wave. During the day we can expect the price to reach a new local maximum.
It looks like wave (B)
has been completed in the form of double zigzag
pattern, and the price started the formation of an impulse in wave (C) of 
. The bulls broke the maximum of wave (A)
. Most likely, in the near term the pair will reach a new local maximum.
More detailed wave structure is shown on the H1 chart. The price is forming the third wave inside wave 1
. It looks like an impulse in wave 1
may be completed on Wednesday, and after that we can expect the local correction.