On Wednesday, the following strong calendar news comes out:
- 10.00 London time. EUR, consumer price index (CPI) (y / y) (Apr), waiting for 1.2%, the previous value was 1.2%;
- 13.00 London time. EUR, speech by the head of the ECB Draghi;
- 13.30 London time. USD, the number of issued construction permits (Apr), waiting for 1.350M, the previous value was 1. 379M;
- 15.30 London time. USD, stocks of crude oil, are waiting for -1.467M, the previous value was -2.197M.
Trend analysis (Figure 1).
On Tuesday, traders decided that a rollback of 23.6% would be enough, and they started working together unanimously (although the news also helped). On Wednesday, the market with a high probability can continue to move up. 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 - down;
- Candle analysis - neutral;
- Trend analysis - down;
- Bollinger lines - up;
- Weekly schedule - up.
General conclusion.
On Wednesday, the market will move up, with the first goal of 1.1930, a pullback level of 14.6% (yellow dotted line).
