EUR/USD’s estimated pivot point is at a level of 1.2210.
Main scenario: long positions will be relevant above the level of 1.2210 with a target of 1.2540 – 1.2650.
Alternative scenario: Breakout and consolidation below the level of 1.2210 will allow the pair to continue declining to the levels of 1.2150 – 1.2020.
Analysis: Supposedly, the fifth wave 5 continues forming within the first wave 1 of senior level within the 4-hour time frame. Apparently, a downward correction in the form of wave iv of 5 has finished locally and the fifth wave v of 5 has started forming. If the presumption is correct, the pair will logically rise to the levels 1.2540 – 1.2650. The level of 1.2210 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels 1.2150 – 1.2020.