Analysis for August 14th, 2012
It looks like after completing zigzag
pattern inside wave 2
, the price started forming wave 
. Most likely, the pair will continue moving downwards during the week. I’ll move the stop on my sell order into the black as soon as possible.
As we can see at the H1 chart, wave [C]
has been finished with diagonal triangle
pattern inside the fifth wave and then the price has completed an initial impulse inside wave (1)
. Currently the local correction is taking place, but later we can expect the pair to continue falling down and form wave (3)
We may assume that wave 
has been completed in the form of zigzag
pattern at the H4 chart. Currently the market is in the very beginning of a bearish wave  of 3
. Most likely, the pair will continue falling down in the nearest future.
As we can see at the H1 chart, Euro has completed an initial impulse inside wave (1)
. At the moment the price is forming an ascending zigzag
pattern inside wave (2)
. Local correction may be finished during the day and Euro will start falling down while forming the third wave.