Daily chart above shows something to consider as a longterm view, where the market/EURUSD might be headed.
Notice two head and shoulders patterns. Yellow one  - complited, and Green one that is forming right now (right shoulder shouls start forming soon).

We can notice tightening triangle, but since it is already so close to apex we could see couple fake BOs instead of nice and strong BO. It's hard to say  - as everybody will tell you August is tough month to trade.

I do consider the scenario above also, but I'm not going to take a short around 1.2320.

Possible Friday's pips.
I think we should visit 1.2325 once more before heading South towards 1.2227-1.2216 and beyond.

Let the price guide you

Here is my view on EURUSD situation.
1.2325 is crucial. As I mentioned before you should be taking long at that point. If it happens we go down thru 1.2325 I see next major defence zone for bulls at 1.2220-1.2240.
On the other hand, if we'll keep moving up and break through 1.2410 my next "stop" is 1.2510, and after this one fails - there is a major 1.2620 (1.2600-1.2640 zone).
We are in the bull mood - the price will guide you!

Waiting to see PA around 1.2440
Will take short position over there, but if price suggests different be ready to go long from that level.
On the other side I'm looking to take long from 1.2290, but it will be important to follow PA from 1.2325, as it might go up from that level already.

TeleTrade another PFGbest? Not far from Amber Gold. Who wants to bet silver oz.?

Waiting for long entry around 1.2290

Expecting low vol day with 1.2320 as an important level today.
Fibo 38,2% and daily pivot are right there also.
So far going short of 1.2372, and then 1.2368 yielded good short term profit.

Imagine H&S on H4 and remember they are trend reversal formations as much as they are strong trend continuation formations. My POIs are all on the chart. Watch for NFP, and if possible scalp some pips after the report.
BTW yesterday trades: 1.2147 long = +30 pips, and 1.2139 long = +12 pips.
Mistakes: missed 1.2297 short entry, and 1.2217 after ECB.

My anticipated moves on EURUSD.
You can notice some kind of flag forming on H1.
Key levels for me are 1.2165, 1.2330 and 1.2390.
On 1.2216 we've had Fibo 50% retracement.
I do expect high volatility around Draghi speech and will stay on sidelines during that period.