Analysis for May 30th, 2012
It looks like the price has finally completed wave (4)
and is about to start falling down in wave (5) of 
. Most likely, in the nearest future the pair will break the local minimum and then reach the level of 0.7300.
The current chart structure implies that wave (4)
may have been already completed. The forecast of the price movement is still bearish. In the near term, we can expect the pair to start forming wave (5) of 
The price hasn’t started the correction yet, as Euro is forming an extension
inside wave 5 of (3)
. In this case, we can expect the pair to reach the level of 1.2200 within the next several days.
More detailed wave structure is shown on the H1 chart. We may assume that the price is forming wave  of 5
. Earlier the pair finished wave 
in the form of flat
pattern. All these factors indicate that the descending movement may continue.