Analysis for October 25th, 2011
A descending impulse in wave A
continues. On the minor wave level we can see the formation of the third wave. Most likely, the price will continue moving downwards in the nearest future. The first target for the bears is the level of 0.8650.
We may assume that wave (2)
has been completed. The price started forming the third wave, with the local correction inside it. The forecast of the price movement is shown on the chart. The price may continue moving downwards during the day.
We may suppose that a slow rising price movement is nothing but an initial rising wave inside the third wave. Most likely, the price will continue growing in the nearest future. The target for the bulls is at the level of 1.4350.
At the H1 chart we can see that a bullish impulse in wave 
has been completed. The local correction has been finished as well, and we may assume that the price is starting the formation of a rising wave 
. There is a possibility that we may see one more rising wave during the day.