Analysis for June 28th, 2012
It looks like the price is completing wave (2)
. The correction may be finished on Thursday. Most likely, in the nearest future New Zealand Dollar will start moving downwards while forming wave (3)
More detailed wave structure is shown on the H1 chart. We may assume that the price is finishing zigzag
pattern inside wave (2)
. The local correction may be finished within the next several hours and the price may start forming a new bearish wave.
Euro continues forming a descending wave 3
. Currently the local correction is taking place, which may be finished during the day. In the future we can expect the price to reach a new local minimum. The target is still at the level of 1.2000.
It looks like the price is forming an extension
in wave 3
. On the minor wave level we can see that Euro has finished wedge
pattern in 
and now is completing wave 
. In the near term, we can expect the price to continue moving downwards inside wave  of 3