The pair traded upwards on Tuesday and tested 1.2360 - a 50% pullback level (presented in a blue dashed line). Today, a downward pullback is possible. Nothing is expected for economic calendar news.

Trend analysis (Fig. 1).

Today, a downward pullback is possible from the level of 1.2326 (closing of yesterday's candle) with the target of 1.2286 - a 38.2% pullback level (presented in a red dotted line). If this level is reached, an upward pullback is possible with the target at the upper fractal 1.2363 (presented in a red dashed line).

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, the price may move downwards with the target of 1.2286 - a 38.2% retracement level (presented in a red dashed line). If this level is reached, an upward pullback is possible, with the target at the upper fractal 1.2363 (presented in a red dashed line).

Another possible scenario is a downward trend from the support line 1.2300 (presented in a red bold line) with the target of 1.2263 - a 38.2% retracement level (presented in a red dashed line).