Analysis for March 19th, 2012
Just as we expected earlier, after completing an initial descending impulse, the price continued the correction. It looks like wave 
is about to be finished very soon. Most likely, the price will start moving downwards while forming the third wave in the beginning of the week.
As we can see at the H1 chart, wave (5)
has been completed in the form of divergent diagonal triangle
pattern. Wave 
is taking the form of a usual zigzag
pattern. There is a possibility that the price may start forming a descending wave (1)
in the nearest future.
We may assume that the price has finished a descending wedge
pattern in wave (1)
, the second wave also looks completed. Most likely, Euro will start falling down while forming wave (3)
during the next several days, and may reach a new local minimum by the end of the week.
More detailed wave structure is shown on the H1 chart. Wave 1
pattern has taken the form of an extension
. We can’t exclude a possibility that wave C
inside the second wave may be already finished. In the near term, we can expect the price to move downwards in wave 1