Analysis for June 8th, 2012
It looks like wave (4)
has been finished and the price is starting the formation of wave (5) of 
. The pair may continue falling down in the nearest future. The target for the next several days is at the level of 0.7350.
As we can see at the H1 chart, wave (4)
has taken the form of double zigzag
pattern. On the minor wave level the price is forming an initial descending impulse in wave (5)
. All these factors indicate that the pair may continue falling down.
There is a possibility that wave (4)
may take the form of horizontal triangle
pattern. The flat movement may continue during the week, the forecast of the price movement is still bearish. The price may reach the level of 1.2000 during the formation of wave (5)
Currently at the H1 chart we can see that the price is forming the fourth wave in the form of triangle
pattern with wave B
inside it. The pair may fall down a little bit during the next several days, but more likely it will continue moving inside a very narrow price range.