Analysis for March 5th, 2012
Our assumption, that the short-term trend is going to change, has been confirmed. It looks like the price is forming an initial descending impulse. Most likely, the price will continue falling down in the nearest future.
If we take a look at more detailed wave structure, which is shown on the H1 chart, we can see that the price has almost completed the third wave inside wave 
. On Monday we can expect the local correction. After the price finishes the forth wave, we can expect the pair to start falling down in wave (5) of 
It looks like the price has completed zigzag
pattern in wave 
and right now is forming a bearish impulse in wave (1)
. The price may continue moving downwards on Tuesday. We may assume that Euro is about to make a significant descending movement.
As we can see at the H1 chart, the price is completing the third wave in wave (1)
. In the near term, we can expect the start of the local correction. After that, the price may reach a new local minimum while forming wave 5 of (1)