Looking from the fundamental perspective
Mon
Jan 26 4:30am GBP BBA Mortgage Approvals 22.1K (increased) 17.3K (decreased)
9:59am USD Existing Home Sales 4.74M (increased) 4.45M (previous)
10:00am USD CB Leading Index m/m 0.3% (increased) -0.4% (previous)
Tue
Jan 27
2:00am EUR German Import Prices m/m -4.0% (decrease) -3.4% (previous)
4:00am CHF UBS Consumption Indicator 1.15 (increase) 0.96 (previous)
4:00am EUR German Ifo Business Climate 83.0 (increased) 82.7 (previous)
4:00am EUR Current Account -16.0B (decreased) -6.0B (previous)
6:00am GBP CBI Realized Sales -47 (increase) -55 (previous)
9:00am USD S&P/CS Composite-20 HPI y/y -18.2% (decreased) -18.1% (previous)
9:59am USD Richmond Manufacturing Index -49 (increased) -55 (previous)
10:00am USD CB Consumer Confidence 37.7 (decreased) 38.6 (previous)
Wed
Jan 28
2:00am EUR GfK German Consumer Climate 2.2 (remains) 2.2 (previous)
All Day EUR German Prelim CPI m/m -0.5% (decreased) 0.3% (previous)
Day 1 ALL WEF Annual Meetings
5:30am CHF KOF Economic Barometer -0.87 (decreased) -0.45 (previous)
As shown from the above economic data released from Monday until half of Wednesday. There are mixed data from the US and European zone that caused the market to move according to mathematical behavior of the technical indicators. If there was extreme one sided data it might goes overbought or oversold as happened in the first place.
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