Analysis for February 14th, 2012
It looks like wave 
has been completed and right now the price is starting the formation of the fifth one. The pair may reach a new local maximum within the next several days. The short-term target for the bulls is the level of 0.8450.
At the H1 chart, after completing zigzag
pattern inside the fourth wave, the price finished forming an initial rising impulse. Right now the local correction is taking place, and after it is finished, the price may start growing up while forming wave (3) of 
An initial rising impulse in wave (C)
has been completed, and currently the price is forming the second wave, which may be finished on Tuesday. In the future we can expect the pair to start growing in wave 3 of (C)
. The target for the bulls is at the level of 1.3450.
At the H1 chart the price is completing zigzag
pattern in wave 2
. On the minor wave level we can see the formation of wave [C]
. Most likely, the correction will be finished in the nearest future, and the pair will continue growing while forming wave 3