Analysis for January 27th, 2012
A rising impulse in wave C
continues. On the minor wave level we can see the formation of the fifth wave. Most likely, the price will reach a new local maximum again in the nearest future, and then the market may reverse downwards.
The price is forming the fourth wave inside wave 
. It looks like the correction is going to continue on Friday. In the future we can expect the price to start moving upwards while forming the fifth wave.
The pair has been forming a rising zigzag pattern in wave 
for almost two weeks already. At the moment the price is forming an impulse in wave (C)
. In the near term, we can expect the pair to break local maximum and then reverse.
If we take a look at more detailed wave structure, which is shown on the H1 chart, we can see that the price is forming the fourth wave inside wave (C) of 
. The correction may continue during Friday. After that we can expect Euro to move upwards while forming the fifth wave.