Analysis for March 29th, 2012
It looks like wave 
has been completed in the form of flat
pattern. Earlier the price finished an initial impulse in wave 
, and currently is forming a descending wave (1)
. In the near term, we can expect the pair to continue falling down.
After completing an impulse in wave (C) of 
, the market started forming a bearish five wave structure in wave 1
. We may assume that the local correction has been already finished. New Zealand Dollar may continue moving downwards inside the third wave during the next several days.
It looks like Euro is on the verge to make a significant descending movement in the third wave. Earlier the price formed a descending wedge
pattern in wave 
. The price structure implies that wave 
may have been already completed. In the near term, we can expect Euro to start falling down again.
At the H1 chart the price completed diagonal triangle
pattern in wave (C) of 
. Wave 5
turned out to be quite short, just as we expected. Currently the price is forming an initial impulse in wave 1
. In the near term, Euro may continue falling down.