Analysis for January 24th, 2012
The price is completing an impulse in wave C
, and is forming the fifth one inside the same wave. Most likely, the pair will continue growing up on Tuesday. During the week we can expect the price to start moving downwards and start forming an initial bearish wave.
More detailed wave structure is shown on the H1 chart. The price has completed the first wave inside wave 
, and right now is finishing the formation of wave (2)
. In the near term, we can expect the price to start growing up while forming the third wave.
The formation of a rising zigzag pattern inside the fourth wave continues. Earlier, the pair broke the local maximum and fixed itself above it. Most likely, the price will continue moving upwards while forming wave (C) of 
The red dotted line at the H1 chart indicates the minimum of wave 
, which is a critical level for the current wave structure. It looks like the price has completed the second wave in wave (C)
. Within the next several hours we can expect the pair to continue growing up inside wave 3