Analysis for June 5th, 2012
It looks like the pair is still being corrected and currently forming wave (4)
. In the near term, we can expect a corrective movement to continue, however, after that the price may start falling down again while forming wave (5) of 
More detailed wave structure is shown on the H1 chart. After completing an impulse in wave (3)
, the price started the correction. We may assume that wave (4)
is taking the form of double zigzag
pattern. The price may reach a new local maximum within the next several hours.
It looks like on the major wave level the correction is taking place. The price is forming wave (4)
and there is a possibility that a corrective movement may continue for the next several days. After that, we can expect the price to start moving downwards again in wave (5)
If we take a look at more detailed wave structure, which is shown on the H1 chart, we can see that wave (4)
may take the form of zigzag
pattern. Earlier the pair formed an impulse in wave (3)
. Most likely, the correction will take place for several more days.