On Wednesday, the following strong calendar news comes out:
— 10.00 London time. EUR, consumer price index (CPI) (y / y) (Apr), waiting for 1.2%, the previous value was 1.2%;
— 13.00 London time. EUR, speech by the head of the ECB Draghi;
— 13.30 London time. USD, the number of issued construction permits (Apr), waiting for 1.350M, the previous value was 1. 379M;
— 15.30 London time. USD, stocks of crude oil, are waiting for -1.467M, the previous value was -2.197M.
Trend analysis (Figure 1).
On Tuesday, traders decided that a rollback of 23.6% would be enough, and they started working together unanimously (although the news also helped). On Wednesday, the market with a high probability can continue to move up. The complex analysis will more accurately tell where the price will go.
Fig. 2 (daily chart).
— Indicator analysis — up;
— Fibonacci levels — down;
— Volumes — down;
— Candle analysis — neutral;
— Trend analysis — down;
— Bollinger lines — up;
— Weekly schedule — up.
On Wednesday, the market will move up, with the first goal of 1.1930, a pullback level of 14.6% (yellow dotted line).