Analysis for February 9th, 2012
It looks like wave 
has been finally completed. In the near term, we can expect the price to start growing up while forming the fifth wave. This wave is likely to be very short, the level of 0.8450 will be enough for the bulls. After that, we can expect the market to reverse downwards.
As we can see at the H1 chart, the fourth wave has been completed in the form of skewed triangle
pattern. Right now the price is starting to form wave  of C
. We can expect the pair to reach a new local maximum within the next several days
Euro continues growing up in wave (C) of 
. The price is moving above the maximum of wave (A)
. The current wave structure indicates that the price may continue moving upwards. In the near term, we can expect the pair to reach the level of 1.3450.
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 fifth wave inside an initial wave 1
. In the near term, we can expect the correction, however, after that the price may start growing up again.