Analysis for July 24th, 2012
After finishing wave 2
in the form of zigzag
pattern, the price is starting moving downwards again. On the minor wave level the pair is falling down inside wave (3)
. In the near term, we can expect the market to reach the level of 0.7600.
More detailed wave structure is shown on the H1 chart. We may assume that the price has formed the first wave inside wave (3)
. Currently the local correction is taking place, but later we can expect the price to continue falling down inside wave 3
Euro continues forming an impulse in wave (5)
. On the minor wave level the price is forming wave 5
. The structure of the price movement indicates that Euro may continue falling down. The pair may reach the level of 1.20 or even 1.19 within the next several days.
As we can see at the H1 chart, wave 4
has been completed in the form of double three
pattern and the price has formed an initial descending impulse inside wave 5
. At the moment the pair is being corrected, but then the price may start falling down inside wave  of 5