Analysis for May 31st, 2012
It looks like the price has finally completed wave (4)
. Earlier the price formed quite a long extension
inside wave (3)
. In the nearest future we can expect the pair to continue falling down in wave (5) of 
and reach a new local minimum.
More detailed wave structure is shown on the H1 chart. We may assume that the price started forming wave (5) of 
yesterday. At the moment the local correction is taking place, and after it is finished, the pair may continue falling down.
Euro continues falling down in wave (3)
. On the minor wave level the price is forming an extension
inside the fifth wave. All these factors indicate that the pair may continue moving downwards. The target of wave (3)
is between the levels of 1.2250 – 1.2200.
If we take a look at more detailed wave structure, which is shown on the H1 chart, we can see that the price is completing wave 
. In the near term, we can expect the local correction, however, after it is finished, the pair may start falling down while forming wave  of 5