Analysis for December 7th, 2011
Dollar is becoming stronger step by step. It looks like the price is forming the third wave right now. The market may reach a new local maximum within the next several days. The short-term target is the level of 0.9600.
It looks like the price has formed two initial impulses at once, and right now the market is inside wave (2)
. The local correction may be finished today. In the future we can expect the price to continue moving upwards.
It looks like Euro decided to slow down a bit before continuing to fall down. The main scenario is still the one which includes the formation of the first wave. However, the market may choose an alternative scenario and continue the formation of wave [B]
. Nevertheless, an overall forecast for Euro remains bearish.
It looks like the price has formed two initial impulses. Wave 
may be finished during the day and the market will move downwards again to reach new minimums. The target for the sellers during the next several days is the level of 1.3100.