EUR/USDEstimated pivot point is at a level of 1.2167.
Main scenario: long positions will be relevant from corrections above the level of 1.2167 with a target of 1.2400.
Alternative scenario:Breakout and consolidation below the level of 1.2167 will allow the pair to continue declining to the levels of 1.2070 – 1.1918.
Analysis: Supposedly, the fifth wave 5 continues forming as a diagonal triangle within the first wave 1 of senior level within the 4-hour time frame. Apparently, the final fifth wave v of 5 is developing now, with the wave (c) of v forming within. If this assumption is correct, the pair will go on growing to the level of 1.2400. The level 1.2167 is critical in this scenario.
EUR/USD Hourly Chart
EUR/USD 4-Hour Chart