Analysis for August 20th, 2012
It looks like the price started forming an initial descending impulse inside wave 
. In the future, we can expect the pair to continue falling down. One can consider opening several more orders as the bears continue pushing the price downwards.
As we can see at the H1 chart, the price is forming a descending wave (3)
. On the minor wave level the pair is starting to form wave 3
. Most likely, the price will continue moving downwards in the nearest future.
has been completed in the form of zigzag
pattern. At the moment the market is moving downwards inside wave  of 3
. We can expect the price to reach a new local minimum of wave 
within the next several weeks.
As we can see at the H1 chart, after finishing the corrective movement, Euro may start falling down and form wave 3
. The first target will be the level of 1.2000.