The launcher will first check the files and attempt to install the game. This will take a while as the computer pastes 20 gigs or more of files. Go back to the new folder and paste the files by right clicking and choosing paste. Select all three folders and right-click.
Open the folder that has all your original files. If you are switching to the North American server, you will need to create the folder lacking EU. If you are switching to the European server, you will need to create the EU folder if not already available. Go to your Program Files and find the folder for Zenimax Online (for 64-bit users, this will be in the Program Files (x86) directory). If it starts to install, hit pause and then close the launcher. Under the megaserver drop down menu, click on the one you wish to switch to. Load the game launcher and click on the cog icon in the upper right hand corner. I have gone step-by-step through the process to document what to do to get the second megaserver running on your PC. Good news: You do not have to download again to switch megaservers.