Analysis for July 20th, 2012
It looks like wave (2)
has been completed near the maximum of wave 
, which earlier took the form of zigzag
pattern. The structure of the price movement indicates that the pair may make a reverse in the nearest future. The target of wave (3)
is the level of 0.7600.
More detailed wave structure is shown on the H1 chart. We may assume that wave (2)
has been already finished. On the minor wave level the price is completing wave C
. In the near term, we can expect the pair to start falling down while forming the third wave.
We may assume that wave 4
has been completed. In the near term, we can expect the pair to start falling down while forming wave 5 of (5)
. There is a possibility that the price may reach a new local minimum in the beginning of the next week. The target for the bears is still at the level of 1.2000.
As we can see at the H1 chart, wave 4
has taken the form of double three
pattern. On the minor wave level the price is starting the formation of wave 
. Most likely, Euro will continue falling down during the next several days.