On Tuesday, the market in both currencies moved down.
The GBP / USD pair could not reach the lower fractal of 1.2605 while moving down.
The EUR / USD pair, when moving down, tested the pullback level of 50.0% - 1.1162 (yellow dotted line), but did not go below.
On Wednesday, strong calendar news come out at 7.55 (euro) Universal time.
Trend analysis (Fig. 1).
Today, the price will make an upward pullback movement (before lunch - this is for sure) with the first target of 1.1182 - a pullback level of 38.2% (blue dashed line). However, a possible downhill may occur after lunch.
Fig. 2 (daily schedule).
Comprehensive analysis:
- indicator analysis - down;
- Fibonacci levels - up;
- volumes - down;
- candlestick analysis - up;
- trend analysis - down;
- Bollinger lines - up;
- weekly schedule - up.
General conclusion:
On Wednesday, we are waiting for the continuation of the downward movement, but this is most likely to be after lunch, and before that - the upper pullback movement. The first upper target of 1.2688 is the pullback level of 14.6% (yellow dotted line). On the other hand, the overall lower target remains to be 1.2605 - the lower fractal.
