Analysis for August 29th, 2012
Yesterday the market renewed the minimum of wave (1)
. At the moment the pair is forming the third wave.
In the near term, we can expect the price to continue falling down. The target for the bears for the next several days is at the level of 0.7800.
At the H1 chart we can see that the price is moving downwards and forming wave 3
. Earlier the pair finished wave (2)
in the form of zigzag
pattern. Most likely, the price will continue falling down during the next several days.
At the H4 chart the price continues the corrective movement. We may assume that wave 
is taking the form of double zigzag
pattern. On the minor wave level Euro is forming wave C of (Y)
. In the near term, we can expect the price to continue growing up.
Yesterday the pair completed wave B,
an initial ascending impulse inside wave 
. The local correction may be finished during the day. Later, the price will most certainly grow up a little bit inside wave  of C