Having worked out the strong news, the price went up on Wednesday. Thus, it shows that the upward weekly trend continues. Today, there is a report on the interest rate decision in Europe at 11.45 London time. According to analysts' expectations, the regulator will leave the base rate unchanged.
Trend analysis (Figure 1).
Today, the market will continue to move up before the report at 11.45 London time. The first goal will be 1.1830 - the historical resistance level (red dotted line). During the publication of the report, there is a high probability of the price going down but it will only be a rollback.
Fig. 1 (daily chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- volumes - upwards;
- candle analysis - neutral;
- trend analysis - up;
- Bollinger lines - up;
- Weekly schedule - up.
General conclusion:
Today, the market will continue to move up before the report at 11.45 London time. The first goal will be 1.1830 - the historical resistance level (red dotted line). During the publication of the report, there is a high probability of the price going down but it will only be a rollback. After working off the news downward, it will again move up.
The material has been provided by InstaForex Company - www.instaforex.com