Analysis for April 20th, 2012
has been completed in the form of zigzag
pattern with a long wave (B)
inside it, and at the moment the price is forming wave (3)
. The pair is moving near the local minimum. In the near term, we can expect the price to continue falling down towards the level of 0.7950.
At the H1 chart the price is forming a descending wave (3)
. On the minor wave level wave 2
was completed yesterday, and currently the pair is moving downwards inside the third one. The current wave structure implies that the price will continue moving downwards.
After finishing an initial descending impulse in wave (1)
, the market is being corrected. It looks like wave (2)
is taking the form of double zigzag
pattern, it may be completed within the next couple of days. In the future we can expect Euro to start falling down while forming wave (3)
More detailed wave structure is shown on the H1 chart, and as we can see, the price is forming horizontal triangle
pattern in wave X
. During Friday Euro may fall down a little bit in wave [E] of X
. However, there is a possibility that later the pair may start growing up in wave Y of (2)