On Wednesday, the following strong calendar news will come out:
- 08:55 London time. EUR, change in the number of unemployed in Germany (May), expecting for -10K against the previous value of -7K;
- 01:15 London time. USD, change in the number of non-agricultural workers from ADP (May), expecting for 190K against the previous value of 204K;
- 01:30 London time. USD, GDP (q / q) (1 sq.), Expecting for 2.3% against the previous value of 2.3%.
Trend analysis (Figure 1).
On Monday, the price continued to move downward and reached the support line of the rising channel at 1.1540 (white line). Most likely, there will be an upward movement on Wednesday. Reaching the support line for the third time gives a 70% chance of top work. The complex analysis will accurately determine further direction of the price.
Fig. 1 (daily chart).
Indicator analysis on the daily schedule (Figure 2).
The system of ADX indicators (Figure 1).
On the last run, the fast line (indicator 5 - white) and the slow line (indicator period 8 - blue) moved up. In this case, the trend should be determined by the trend type indicators.
Complex analysis:
- indicator analysis - down;
- 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 up with the initial target at 1.1664 - a pullback level of 14.6% (blue dotted line).
* The presented market analysis is informative and does not constitute a guide to the transaction.