Analysis for May 29th, 2012
We may assume that the price is finishing wave (4)
Earlier the pair completed an extension
inside wave (3).
In the near term, the price may continue falling down. The target for the next several days is the level of 0.7300.
More detailed structure of wave (3)
is shown on the H1 chart. We may assume that the correction may have been already finished. There is a possibility that on Tuesday the price may start moving downwards again in wave (5) of 
Despite the fact that the price is moving close to the minimum, there is still a strong possibility of the correction. Theoretically, wave (4)
has to be equal to wave (2)
, but very soon we’ll see how it will be in practice. In any case, the forecast of the price movement is still bearish, and a possible future correction is nothing but a good opportunity to open several more orders.
More detailed wave structure is shown on the H1 chart. We may assume that wave (4)
may take the form of double three
or any other long corrective wave pattern. In the near term, the market may grow up a bit inside wave Y of (4)
, and at the end of this wave I’m planning to open one more sell order.