Trend analysis (Fig. 1).
On Wednesday, the price may move down with the first target of 1.2436 - a pullback level of 23.6% (blue dashed line). Further downward movement may continue with the target of 1.2381 - 21 average EMA (black thin line).
Fig. 1 (daily chart).
Comprehensive analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - down;
- candlestick analysis - down;
- trend analysis - up;
- Bollinger Lines - down;
- weekly schedule - up.
General conclusion:
On Wednesday, the price, before the news 14.00 Universal time, may move down.
An unlikely scenario is an upper movement with the target at 1.2583 (upper fractal).
The material has been provided by InstaForex Company - www.instaforex.com