Analysis for February 16th, 2012
It looks like a rising impulse in wave C
has been already completed, and right now the price is starting to form an initial descending impulse. In the near term, we can expect the price to continue moving downwards.
More detailed wave structure is shown on the H1 chart. Wave 
has taken the form of zigzag
pattern with a long triangle
pattern inside wave (B)
. We may assume that the price has formed a bearish impulse in wave (1)
. After the local correction is finished we can expect the pair to continue falling down in wave (3)
It looks like the pattern, which has been formed in wave 1,
pattern indeed, and currently the market is moving downwards inside the third wave. The bears have broken the maximum of wave (B)
and right now it’s quite obvious that Euro is going to continue falling down. The forecast for the next several days is negative.
At the H1 chart the price completed wave 2
and then finished an initial impulse inside the third one. Most likely, the local correction will take place during the day. In the future we can expect the price to start falling down while forming wave