I wrote about it yesterday that there was quite a lot of uncertainty in this currency pair. Today Friday and this uncertainty is definitely more and more noticeable due to the slowdown that took place before the afternoon’s data. Both countries today will announce data that have a significant impact on the market.
After the table we see what are the expectations and what were the previous readings. Apart from the trade balance for both countries, the rest of the information causes large currency fluctuations. In the event that the forecasts differ in terms of possible improvement or deterioration of the situation in the country, it can be seen that investors do not take large orders, therefore the price consolidates or moves to a small extent. After today's forecasts, it can be seen that some data on the improvement of the situation are negated before others which predict deterioration for the same currency. So as I wrote yesterday, it remains outside the market in this pair, waiting for the resolution of uncertainty.
However, the very concept from the picture is still in play.