The EUR/USD market structure remains unclear due to lengthy consolidation zone. Price could either be building a bearish ABC (brown) correction or preparing itself for a bullish breakout as part of a wave 123 (green). The key decision zones for that wave analysis are the trend lines and Fib levels: a bullish breakout above the 100% Fib level when comparing wave C versus A makes a wave 3 more likely whereas a bearish breakout below support (blue) makes a wave C probable.
The EUR/USD is building a chart pattern on the lower time frame as well. The breakout direction will determine the expected short-term trend. A bullish breakout will however face a strong resistance zone at 1.2450-1.25 whereas a bearish breakout will have to deal with support at 1.2325, 1.2250 and 1.22.