Analysis for February 15th, 2012
It looks like wave  of C
is taking the form of diagonal triangle
pattern. The rising price movement is slowing down, and the bulls just aren’t strong enough to continue pushing the market upwards. Most likely, the pair will reach a new local maximum, but won’t move any farther.
More detailed wave structure is shown on the H1 chart. It looks like the price is forming diagonal triangle
pattern with the third wave being completed inside it. We can expect the pair to stop growing up in wave C
on Wednesday or Thursday.
At the H4 chart the price formed an initial wedge
pattern in a downward direction. We may assume that wave 
has been finally completed. On Wednesday we can expect the correction to take place, however, after that Euro may start falling down in wave 3
More detailed wave structure is shown on the H1 chart. The descending price movement over the last several days looks much alike an initial wedge
pattern. Most likely, Euro will start falling down again, much lower than the previous bearish wave.