Analysis for May 15th, 2012
It looks like the price has completed a descending wave (3)
. During the day we can expect the start of the local correction. After the price finishes the fourth wave (by the way, it’s an excellent moment to open additional orders), it may continue falling down. We also can expect the pair to reach the level of 0.7600 during the formation of wave (5) of 
As we can see at the H1 chart, the structure of (3)
looks completed. The price may start forming the fourth wave in the nearest future. The correction may take place several days, but then we can expect the descending trend to continue.
The bearish trend continues inside wave (3)
. On the minor wave level the price is forming the third wave. All these factors indicate that in the nearest future Euro will continue moving downwards. Today I’ve opened one more sell order today. The medium-term target is the level of 1.2700.
More detailed wave structure is shown on the H1 chart. As we can see, right now the market is being corrected in wave 
. The local correction may be finished on Tuesday, and then we can expect the pair to start falling down again while forming the third wave.