Analysis for May 10th, 2012
It looks like the pair completed the formation of wave (3)
. Currently the correction is taking place and it may continue for the next several days. In the future, after wave (4)
is finished, the price may start falling down while forming wave (5) of 
As we can see at the H1 chart, wave (3)
was completed, and we may assume that the price has already started forming the fourth wave. Most likely, New Zealand Dollar will be consolidating during the next several days.
After reaching a new local minimum, Euro formed an initial impulse in wave 1
. We can’t exclude a possibility that the correction may have already been started. In the near term, we can expect the price to finish wave 2
and then start falling down while forming the third wave.
More detailed wave structure is shown on the H1 chart. Yesterday the price formed wave  of 1
. Most likely, the correction will take place on Thursday. After that, we can expect the bearish trend to continue.