Analysis for March 6th, 2012
After completing wave  of C
, which was quite short, the price made a significant descending movement in wave 
. Now we have every reason to believe that the price will continue falling down. After the price completes forming an initial impulse, we can expect the local correction to start.
At the H1 chart the price continues forming a descending impulse inside the first wave. On the minor wave level we can see the formation of wave (3)
. Most likely, after a slight correction, the price will reach a new local minimum while forming wave (5) of 
The main scenario is still the one which includes the change of the mid-term trend. We may assume that the price is forming bearish wave (1)
. The forecast of the price movement remains the same. In the near term, we can expect the pair to continue moving downwards.
More detailed wave structure is shown on the H1 chart. It looks like the price is forming a descending impulse in wave (1)
. On the minor wave level we can see the formation of the fourth wave. Most likely, on Tuesday Euro will start falling down while forming wave 5 of (1)