On Friday, the following strong calendar news comes out:
- 7.55 London time. EUR, PMI in Germany (May). The expected value is 56.8 compared to the previous value of 56.8;
- 12.30 London time. USD, change in the number of employed in the non-agricultural sector (May). The expected value is 189K compared to the previous value of 168K;
- 12.30 London time. USD, the unemployment rate (May). The expected value is compared to the previous value of 3.9%;
- 14.00 London time. USD, the index of business activity in the manufacturing sector (PMI) from ISM (May) compared to 58.2 compared to the previous value of 57.3.
Trend analysis (Figure 1).
On Thursday, the price continued to move up, which is expected after reaching the pullback level of 14.6% 1.664 (blue dotted line). On Friday, the movement will be lateral until the strong news comes out at 12.30 London time. A complex analysis will more accurately determine where the price will go next.
Fig. 1 (daily chart).
Indicator analysis on the daily schedule (Figure 2).
The system of indicators ADX (Figure 1).
On the last run, the fast line (indicator 5 - white) and the slow line (indicator period 8 - blue) moved down. In this case, the trend should be determined by indicators of the oscillator type.
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- volumes - upwards;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger lines - up;
- Weekly schedule - down.
General conclusion.
On Friday, the market will move up towards the first target of 1.1757 with a recoil rate of 23.6% (blue dotted line).
The material has been provided by InstaForex Company - www.instaforex.com