Analysis for November 16th, 2011
The price has broken the maximum of wave 1
and fixed itself below it. It looks like the market started forming a rising wave 3
. In the near term, we can expect the price to continue growing. The target for the bulls is the level of 0.9600.
We may assume that an initial impulse in wave 3
has been completed at the H1 chart. During the day we can expect the price to start the second wave on the minor wave level. In the future, after the local correction is finished, the price may continue moving upwards while forming wave 
The pair was able to break the local minimum, thus indicating that it is going to start falling down. At the moment the price is forming the third wave inside wave [C] of Y
. in the near term, we can expect Euro to continue moving downwards. The target for the bears is the level of 1.3200.
More detailed wave markings are shown on the H1 chart. It looks like the price is forming an extension inside the descending wave (3)
. On the minor wave level we can see the formation of the third wave. The price may continue falling down during the day.