EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1800.
Main scenario: short positions will be relevant from corrections below the level of 1.1800 with a target of 1.1550 – 1.1495.
Alternative scenario: breakout and consolidation above the level of 1.1800 will allow the pair to continue rising to a level of 1.1940.
Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) continues developing on the daily time frame with the wave A of (2) formed within. An upward correction B of (2), supposedly, is developing on the H4 time frame, with the wave w of B formed and the wave x of B developing inside. Apparently, a descending impetus of junior level is developing on the H1 frame in the form of wave (a) of x. If the presumption is correct, the pair will continue to drop to the levels 1.1550 – 1.1495. The level 1.1800 is critical in this scenario.