The pair EUR/USD is under correction with probability of growth. Estimated pivot point is at a level of 1.2214.
Main scenario: long positions will be relevant from corrections above the level of 1.2214 with a target of 1.2560 – 1.2650.
Alternative scenario:breakout and consolidation below the level of 1.2214 will allow the pair to continue rising to a level of 1.2040.
Analysis: supposedly, a horizontal correction in the form of the fourth wave iv of 5 continues developing inside the first (1) wave of senior level, which is triangle-shaped, within the 4-hour time frame. Apparently, the wave of junior level (d) of iv is forming now. If this assumption is correct, the pair will continue to rise to 1.2560 – 1.2650. The level 1.2214 is critical in this scenario.