Analysis for June 27th, 2012
The pair has completed an initial descending impulse and right now the local correction is taking place. The price may finish wave (2)
during the day. After that we can expect the pair to start moving downwards while forming wave (3)
It looks like the price is finishing zigzag
pattern in wave (2)
and in the nearest future we can expect the pair to start forming an extension
inside the third one. Expecting this to happen, I’ve opened one more sell order today. After the price starts wave 1
, I’ll move the stop on this order into the black.
Euro continues falling down slowly inside wave 3
. Earlier the price completed wave 2
near the local maximum. In the near term, we can expect the price to continue moving downwards. The target is still at the level of 1.2000.
It looks like the price is forming an extension
in wave 3
. On the minor wave level we can see the formation of wave 
. The current chart structure indicates that the market may continue falling down. Euro can reach a new local maximum within the next several days.