On Thursday, the following strong calendar news comes out:
- 11.30 London time. EUR, publication of the minutes of the ECB meeting on monetary policy;
- 14.00 London time. USD, sales in the secondary housing market (Apr). the expected value is 5.56M compared to the previous value of 5.60M.
Trend analysis (Figure 1).
On Wednesday, the price worked the downward rally, reaching the support line of the rising channel 1.1677 (white line). On Thursday, the downward movement will most likely start towards the first goal of 1.1805 (the retracement level of 14.6%). A complex analysis will more accurately determine where the price will go next.
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 Thursday, the market will move upward to the first target of 1.1805 with a pullback level of 14.6% (yellow dotted line).
The material has been provided by InstaForex Company - www.instaforex.com