Analysis for June 18th, 2012
The correction is about to be finished very soon. It looks like wave 
is taking the form of zigzag pattern
. On the minor wave level we can see the formation of wave (C)
. In the near term, we can expect the price to complete the fourth wave and then start falling down inside wave (1)
More detailed wave structure is shown on the H1 chart. The price has started forming the fourth wave inside wave (C)
. In the future we can expect the pair to grow up a bit in wave 5 of (C)
, but after that the price will probably finish the correction and make a reverse in a downward direction.
It looks like Euro has finished wave (4)
in the form of zigzag
pattern. “Exhaustion gap”, which took place during the market opening, has completed wave C
. In the near term, we can expect the price to start falling down again.
As we can see at the H1 chart, an impulse inside wave C
has been completed. We may assume that the price is forming a descending wave 1
at the moment. Most likely, Euro will continue falling down during the week. The target is the level of 1.2000.