Analysis for December 8th, 2011
We may assume that the price is forming initial waves inside the third one. Currently the local correction is taking place. The price may start growing again during the day and reach a new maximum. The short‑term target is the level of 0.9600.
It looks like the intermediate correction inside wave (2) of 
has been finished. Within the next several hours we can expect the price to start growing up while forming wave (3)
. The forecast of the price movement is still bullish.
It looks like the price, after completing double zigzag
pattern in wave [B]
, started the formation of an initial descending impulse inside the first wave. The forecast of the price movement remains bearish. In the near term, we can expect the price to reach a new local minimum.
At the H1 chart the price has formed a bearish wedge
pattern in wave 1
. On the minor wave level the correction is taking place, and it may be finished within the next several hours. Most likely, the price will start falling down again after that.