Analysis for June 21st, 2012
It looks like the price has completed zigzag
pattern in wave 
and the bears are trying to reverse the market in a downward direction. Most likely, the pair will start forming an initial wave (1)
in the nearest future. I may open one more sell order during the next local correction.
As we can see at the H1 chart, the price has finished an impulse inside wave (C)
. On the minor wave level wave 5
has taken the form of divergent diagonal triangle
pattern. In the near term, we can expect the price to start the formation of wave 1
After completing zigzag
pattern inside wave (4)
, the price formed an initial descending impulse. At the moment the local correction is taking place, but it may be finished very soon. In the near term, we can expect Euro to start forming wave 3
and break the local minimum.
More detailed wave structure is shown on the H1 chart. Wave 2
has almost completely corrected the first one. It looks like the price is going to start moving downwards inside wave 3
during the next several hours. The target of wave 
is still at the level of 1.2000.