Analysis for April 4th, 2012
Yesterday’s fall of the price makes us return to the previous chart structure. Wave 2
has totally corrected the first one. Most likely, the price will start forming wedge
pattern in wave (3)
. In the near term, we can expect the pair to reach a new local minimum.
More detailed wave structure is shown on the H1 chart. On the minor wave level the price is finishing the third wave inside wave 3
. In the near term, we can expect a slight local correction, and then the pair may continue falling down while forming wave  of 3
Yesterday the pair fell down, and it made us return to the previous chart structure. It looks like wave 
was completed in the form of a usual zigzag
pattern. At the moment the price is forming a descending impulse in wave (1)
. In the near term, the pair may continue falling down.
As we can see at the H1 chart, the price, after completing wedge
pattern in wave 1
, finished zigzag
pattern, which has totally corrected the first wave. At the moment the price is forming a bearish impulse in wave 3
. Most likely, the correction will take place during the day, however, after that we can expect the pair to continue moving downwards while forming wave  of 3