Analysis for March 26th, 2012
At the H4 chart of the pair we can see two initial descending impulses. It looks like the price is finishing the correction inside wave (2). In the future, we can expect the pair to start falling down while forming the third wave.
More detailed wave structure is shown on the H1 chart. Wave 3 of (1)
, as it may seem at first sight, is not the shortest one inside this impulse, ‘cause the fifth wave is several tens pips shorter. Wave (2)
is taking the form of zigzag
pattern. In the near term, we can expect the correction to be finished and the price to start moving downwards again.
After completing an initial wedge
pattern in wave 
, the price started the correction. It looks like the second wave is taking the form of a usual zigzag
pattern. The correction is almost finished, so during this week we can expect Euro to start falling down while forming wave 
has been completed in the form of double three
pattern. Currently the price is finishing the formation of an impulse in wave (C)
with diagonal triangle
pattern being formed inside the fifth wave. We can’t exclude a possibility that the price may make a reverse during the next several days.