Analysis for July 19th, 2012
We may assume that the price finished wave 2
in the form of zigzag
pattern and then completed an initial impulse in wave (1)
. The local correction is about to be finished very soon. Most likely, in the nearest future the price will finish wave (2)
and start falling down while forming the third one.
More detailed wave structure is shown on the H1 chart. We may assume that the pair is forming zigzag
pattern in wave (2)
. On the minor wave level we can see the formation of wave C
. In the near term, we can expect the correction to be finished and the price to start falling down while forming wave (3)
Euro is finishing the fourth wave in the form of horizontal triangle
pattern. In the near term, we can expect the price to start moving downwards in wave 5 of (5)
. In the future the market may reach the level of 1.2000.
The current H1 chart structure implies that wave 4
may have been already completed. On the minor wave level the market is forming wave [E]
. In the nearest future we can expect the price to start forming a bearish wave  of 5