GDP, Industrial Production and Manufacturing Production is publishing in the UK and the US will release Consumer Price Index and Consumer Price Index Core.
The support rests at 1.21920 with resistance at 1.22580 which both lines are below the weekly pivot point at 1.23180. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA 200 and the EMA of 100. The RSI is moving below 50 level and the Stochastic is showing upward momentum. The MACD line is below the signal line in the negative territory. The ADX is showing buy signal.
It seems that the downside correction pattern has been formed, bullish trend is expected towards 1.2270.