The price on Monday began to move down after testing the area consisting of 21 average EMA (black thin line) - 1.2693 and historical resistance level of 1.2700 (blue dashed line). On Wednesday, most likely there will be a side channel with a lower slope. Therefore, strong calendar news is not expected. The market is also narrow (in many countries a day off).

Trend analysis (Fig. 1).

On Wednesday, a downward movement is possible with the lower target 1.2639 - a rolling level of 38.2% (yellow dashed line).

Fig. 1 (daily schedule).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - down;

- trend analysis - up;

- Bollinger lines - up;

- weekly schedule - up.

General conclusion:

A downward movement is possible with the lower target 1.2639 - a rolling level of 38.2% (yellow dashed line) on Wednesday (December 26).