Analysis for February 22nd, 2012
It looks like wave  of C
is taking the form of diagonal triangle
pattern. Most likely, the price will continue moving upwards. However, taking into consideration the fact that New Zealand Dollar has been already moving inside the rising trend for some time, the possibility that the market may make a reverse becomes stronger and stronger.
More detailed wave structure is shown on the H1 chart. It looks like the price is completing the second wave inside diagonal triangle
pattern. The forecast of the price movement is bullish so far. The market may start moving upwards while forming the third wave during the day.
It looks like the price completed an initial impulse inside wave (C) of 
. Right now the local correction is taking place, and it may be finished during Wednesday. In the near term, we can expect the price to start growing up in wave 3 of (C)
As we can see at the H1 chart, after completing diagonal triangle
pattern in wave C
, the price finished a bullish impulse in wave 
. At the moment the second wave is being formed, which is taking the form of zigzag
pattern. Most likely, Euro will start moving upwards again during the next several days.