Analysis for March 27th, 2012
It looks like the correction continues and is taking the form of flat
pattern. At the moment the pair is finishing wave (C) of 
. In the near term, we can expect the price to make a reverse and start falling down while forming the third wave.
As we can see at the H1 chart, the price is forming an impulse in wave (C)
. On the minor wave level the pair is forming an extension
inside the third wave. Most likely, the price will reach a new local maximum on Tuesday or Wednesday.
The price continues the formation of zigzag
pattern in the second wave, with an impulse being formed in wave (C)
. In order to be finished, the correction needs several more waves. During the next several days the price may make a reverse and start falling down while forming wave 
We can’t exclude a possibility that wave (C)
may take the form of diagonal triangle
pattern. It looks like on the minor wave level wave 3
has already been finished, and we can expect the local correction during Tuesday. In the future, Euro may grow up a bit in wave 5 of (C)