Analysis for July 3rd, 2012
It looks like wave 2
is being completed and taking the form of zigzag
pattern. On the major wave level the price is forming diagonal triangle
pattern. In the near term, we can expect the pair to start moving downwards again.
More detailed wave structure is shown on the H1 chart. It looks like the price is forming diagonal triangle
pattern in wave [C] of 2
. There is a possibility that the pair may make a reverse during the day and then start falling down.
We may assume that wave 2
may have already been finished in the form of zigzag
pattern and right now the price is starting forming a bearish wave 3
. Most likely, Euro will continue falling down in the nearest future.
If we take a look at more detailed wave structure, which is shown on the H1 chart, we can see that the price is forming an initial impulse in wave 
. This wave may be completed during the day and then we can expect the price to start the correction. In the future the price may start moving downwards again while forming wave