European companies' profits are expected to decline by 3% in the first quarter of 2025, in sharp contrast to January's forecast of 3.1% growth. The main reason for the revision was the increased uncertainty related to the tariff policy of US President Donald Trump. Also, the markets' attention on Wednesday is focused on data on consumer inflation in Europe, retail sales in the U.S. and the speech of the head of the Federal Reserve, Jerome Powell. The EUR/USD pair, which earlier overcame the 1.1200-1.1270 range, is making an attempt to grow after testing it. However, we are unlikely to see significant volatility before the publication of the news. The market is waiting for additional information on the state of the economy in Europe and the U.S., as well as the Fed's monetary policy plans.