EUR50 Technical Analysis Report 05 November, 2020

  • EUR50 rising inside wave (ii)
  • Likely to reach 3300.00

EUR50 continues to rise strongly inside the minor corrective wave (ii) which started previously from the combined support area lying at the intersection of the support level 2900.00 (former strong resistance from May), lower daily Bollinger Band, 50% Fibonacci correction of the upward correction (2) from March and the support trendline of the wide daily down channel from June.

Given the prevailing risk-on sentiment seen across the global markets today  – EUR50 index is expected to rise further toward the next resistance level 3300.00 (former resistance from the start of October, target price for the completion of the active corrective wave (ii), intersecting with the resistance trendline of the aforementioned down channel from June).

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