On Wednesday, the following strong calendar news comes out:
- 08.30 London time. EUR, PMI in Germany (May), are waiting for 57.9, the previous value was 58.1;
- 15.00 London time. USD, sales of new housing (Apr), waiting for 680K, the previous value was 694K;
- 15.30 London time. USD, stocks of crude oil, are waiting for -1.567M, the previous value was -1.404M;
- 19.00 London time. USD, the publication of the FOMC protocols.
Trend analysis (Figure 1).
On Tuesday, the price worked a small bottom in the side channel. On Wednesday, the market with a high probability can re-test the support line of the rising channel for its penetration. The line of support of the ascending channel (1.700) and the market will aspire there. The complex analysis will more accurately tell where the price will go.
Fig. 2 (daily chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - down;
- Volumes - upwards;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly schedule - down.
General conclusion.
On Wednesday, the market will move down, to the first target of 1.1700, the support line (white line), after which it is possible to go up. Strong news can contribute.
The material has been provided by InstaForex Company - www.instaforex.com