Trend analysis (Fig. 1).
On Thursday, the market may try to break through the upper fractal - 1.1181 (red dashed line). However, everything will depend on the release of news on interest rates and a press conference.
Fig. 1 (daily chart).
Comprehensive analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger Lines - up;
- weekly schedule - up.
General conclusion:
On Thursday, an upward movement is possible.
The first upper target of 1.1181 is the upper fractal (red dashed line).
An unlikely scenario is a downward movement with the target of 1.1066 - a pullback level of 38.2% (red dashed line).
Today, the main driver of the market will be the news that comes out at 11.45 and 12.30 Universal time (Euro).
The material has been provided by InstaForex Company - www.instaforex.com