Analysis for April 5th, 2012
It looks like a descending wedge
pattern in wave (1)
continues. On the minor wave level the price is forming the third wave. Most likely, the pair will reach a new local minimum in the nearest future.
More detailed wave structure is shown on the H1 chart. The price is forming the fourth wave inside wave 3
. During the day we can expect the local correction to be finished and the price to start falling down again.
An initial impulse in wave (1)
continues, thus indicating that the price may continue moving downwards. The first wave may be completely formed by the end of the week.
At the H1 chart we can see that the price started falling down after completing wedge
pattern in wave 1
. Currently the price is forming an extended wave 3
with the fourth wave inside it. In the near term, we can expect the pair to start moving downwards again while forming  of 3