The pair continued its downward movement yesterday after testing the pullback level of 76.4% equivalent to 1.3006, presented in a blue dashed line. Today, strong calendar news for the dollar is expected at 15:00, 15:30, 19:00 and 19:30 UTC. The Fed will most likely keep the interest rates unchanged.

Trend analysis (Fig. 1).

A downward side-channel is expected today until 19:00 UTC with the target 1.3010, the support line in a red bold line. After this, an upward movement is expected with the first target of 1.3051, the retracement level of 38.2% presented in a red dashed line. In case of testing this line, a continuation of work up with the target of 1.3098, the retracement level of 61.8% presented in a red dashed line.

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - down;

- Weekly schedule - up.

General conclusion:

The price may start to move up today.

A downward scenario is unlikely but quite possible. That is, from the support line 1.3010, presented in a red bold line, work down with the target and the lower fractal at 1.2975.