Analysis for March 8th, 2012
The price continues forming a descending impulse with the local correction inside it. The impulse may be finished during the day. Most likely, after that the pair will reach a new local minimum. After the price finishes the formation of wave 
, we can expect the start of a more serious correction.
At the H1 chart the price is completing the forth wave inside wave . There is a possibility that the correction may be finished on Thursday and the descending movement may continue. The short-term target for the bears is the level of 0.8050.
After the completion of an initial descending impulse, the correction has been taking place for several days already. It looks like the price is going to finish wave 
within the next couple of days. After that we can expect the pair to start falling down while forming the third wave.
More detailed wave structure is shown on the H1 chart. It looks like the second wave is taking the form of flat
pattern with wave C
being formed inside it. In the near term, we can expect the price start moving downwards again.