Analysis for April 6th, 2012
After completing wave 
in the form of running zigzag
pattern, the price continues forming wedge
pattern in wave (1)
. On the minor wave level we can see the formation of the third wave. There is a possibility that the price may reach a new local minimum on Friday.
More detailed wave structure is shown on the H1 chart. It looks like the price is finishing the formation of horizontal triangle
pattern in wave 
. In the near term, we can expect the pair to start falling down while forming wave  of 3
Euro continues falling down. The price is forming an initial impulse inside wave (1)
, which lacks several more internal waves in order to be completed. After the local correction is finished, there is a possibility that the price may reach a new local minimum.
At the H1 chart we can see that the price completed an extension
in wave 3
, and the market is starting to move inside the fourth wave. The correction may continue during Friday, and after that we can expect the price to start moving downwards while forming wave 5 of (1)