Analysis for April 10th, 2012
has been finished in the form of zigzag
pattern with a long wave (B)
inside it. After completing the correction, the price formed an initial descending impulse. It looks like wave (2)
is almost finished. The price may start forming the third wave on Tuesday.
More detailed wave structure is shown on the H1 chart. We may assume that wave (2)
has taken the form of double zigzag
pattern. The market is slowly starting to reverse in a downward direction. During the week we can expect the pair to reach a new local minimum.
The price continues forming an initial bearish impulse. Earlier, wave 
has been completed in the form of a usual zigzag
pattern. It looks like in the nearest future the pair is going to continue falling down and break the minimum of wave 
More detailed wave structure is shown on the H1 chart. We may assume that the price finished the fourth wave inside wave (1)
in the form of flat
pattern. Most likely, on Tuesday the price will start moving downwards again while forming wave 5 of (1)