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The macroeconomic calendar was practically empty on Wednesday, and the only event worth noting was the data on the construction sector in the United States. These data showed a 12.3% increase in new home sales in September.
The EUR/USD currency pair continued to decline after the price stabilized below the 1.0600 level, accompanied by an increase in short positions. This led to the continuation of the downward trend.
Similarly, the GBP/USD currency pair strengthened its downward movement after the price remained below the 1.2150 level. This resulted in the quote moving towards the upper range of the psychological level at 1.2000/1.2050.
Today, one of the most significant events on the macroeconomic calendar is the outcome of the European Central Bank (ECB) meeting. The regulator is expected to pause its most aggressive cycle of key interest rate hikes in its history and will not make changes at this stage. This decision may likely not trigger as much market reaction as ECB President Christine Lagarde's speech, from whom more specific comments are expected regarding future monetary policy plans.
Time Targets:
ECB Meeting Outcome - 12:15 UTC
ECB Press Conference - 12:45 UTC
In this situation, if the euro's downward trend continues, it may lead to further depreciation towards the 1.0500 level. This price level may indicate a potential end to the correction cycle. However, it is worth noting that some traders view the 1.0500 level as support, citing a previous price rebound that occurred on October 13th. Therefore, to confirm the downward trend scenario, a convincing price maintenance below this key level in the market will be necessary.
The psychological level area may exert pressure on short positions, which could slow down the downward trend. However, in the case of momentum, the level may not withstand the selling pressure, ultimately leading to a price decline towards the lower boundary of the psychological level at 1.1950/1.2000.
The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low.
Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.
Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset's price in the future.
The up/down arrows are landmarks of the possible price direction in the future.
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