Analysis for June 26th, 2012
It looks like the price has completed zigzag
pattern in wave (4).
The pair has formed an initial descending impulse and currently the local correction is taking place. In the near term, we can expect the price to finish wave (2)
and start falling down inside the third one.
More detailed wave structure is shown on the H1 chart. The pair is forming the second wave, which is taking the form of zigzag
pattern. On the minor wave level the price is finishing wave C
. The pair may start forming wave 1
during the day.
After finishing wave 2
near the local maximum, Euro started falling down inside the third one. At the moment the local correction is taking place, and after it is finished the price may continue falling down in wave 3
. The target is still at the level of 1.2000.
As we can see at the H1 chart, the price is forming an extension in wave 3
. On the minor wave level we can see the formation of wave 
. All these factors indicate that the bears may continue the descending trend during the next several days.