Analysis for June 4th, 2012
It’s quite logical that the price isn’t falling down in wave (5)
as fast as it was in wave (3)
. In the near term, we can expect the pair to reach a new local minimum. In the future, after the price finishes wave 
, we can expect a longer and deeper correction.
As we can see at the H1 chart, wave (5) of 
may take the form of diagonal triangle
pattern. On the minor wave level the price is forming wave 2
. In the nearest future we can expect the pair may start moving downwards again while forming wave 3 of (5)
The pair is completing a descending wave (3)
with the fifth wave being formed inside it. There is a possibility that the price may reach a new local minimum in the nearest future. After that we can expect a longer and deeper correction.
As we can see at the H1 chart, the price is forming wave  of 5
. Most likely, the local correction will be finished within the next several hours and the price will continue falling down in wave 
. After the pair finishes wave (3)
, we can expect another correction.