EUR/USDEstimated pivot point is at a level of 1.2274.
Main scenario: long positions will be relevant from corrections above the level of 1.2274 with a target of 1.2650 – 1.2700.
Alternative scenario:Breakout and consolidation below the level of 1.2274 will allow the pair to continue declining to the levels of 1.2125 – 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, the fifth wave of junior level v of 5 is forming now. If this assumption is correct, the pair will continue to rise to 1.2650 – 1.2700. The level 1.2274 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels 1.2125 – 1.2020.
EUR/USD H1 Chart
EUR/USD H4 Chart