EURUSD is currently recovering, however, this intra-day rally seems and looks corrective, which means it can be part of a three-wave pullback labelled as wave ii). If that is the case, then we may see a final turn lower around 1.2400 region for sub-wave c, before a bigger bullish continuation comes into play.

However, if the price goes straight up from current levels, then wave ii) may be completed around 1.228 area.

EURUSD, 1H