Analysis for May 1st, 2012
After finishing a long zigzag
pattern in wave 
, the price completed an initial descending impulse. Yesterday the pair formed wave (2)
, and right now it is starting the third one. The price may reach a new local minimum during the next several days.
More detailed wave structure is shown on the H1 chart. We may assume that wave (2)
has been finished in the form of zigzag
pattern, and currently the price is forming a descending impulse in wave 1
. The price may continue falling down during the day.
The pair is finishing the formation of double zigzag
pattern in wave (2)
. There is a possibility that the price may start falling down again in the nearest future, we can expect it to reach a new local minimum, at least. The medium-term target is at the level of 1.2500.
The structure of wave (2)
is quite complicated. On the minor wave level the price has finished an initial bearish impulse in wave , wave 
is also almost completed. In the near term, we can expect the pair to start falling down while forming wave