On Tuesday, the pair moving up, tried to break through the upper fractal - 1.2507 once again, and once again, the bulls failed. Strong calendar news is expected today at 8.30 Universal time (pound) and 12.30, 14.30, 18.00, 18.30 Universal time (dollar). The upward movement on the basis of the day may continue.
Trend analysis (Fig. 1).
On Wednesday, the price before the news (18.00 Universal time) may move down with the target at 1.2444 - a pullback level of 14.6% (blue dashed line). After the news, upper work is possible with the first target 1.2527 - the upper fractal.
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 until the news 18.00 Universal time may move down in the side channel.
The material has been provided by InstaForex Company - www.instaforex.com