EUR50 index Technical Analysis Report 4 August, 2021

• EUR50 index broke resistance level 4100,00

• Likely to rise to resistance level 4176.00

EUR50 index continues to rise after recently breaking the resistance level 4100,00 (which has been steadily reversing the price from the end of June as can be seen form the daily EUR50 index chart below). The breakouts of the resistance level 4100,00 accelerated the active intermediate correction (2) which started earlier from the key support level 3900,00, intersecting with the lower daily Bollinger Band and the 38,2% Fibonacci correction of the upward impulse from January.

Given the prevailing daily uptrend , EUR50 index can be expected to rise further toward the next resistance level 4176.00 (which stopped the sharp uptrend in June, this level is also the target price for the completion of the active ABC correction (2)).

Was this post helpful?