- EUR50 reversed from key support level 3450.00
- Likely to rise to 3580.00
EUR50 index recently reversed up with the daily Japanese candlesticks reversal pattern Hammer from the key support level 3450.00 (former multi-month resistance level from July) strengthened by the lower daily Bollinger Band. The upward reversal from the support level 3450.00 stopped the previous primary ABC correction ② from start of November.
Given the predominant daily uptrend and the increased risk appetite on hopes the Brexit deal can soon be reached with UK (given its troubled economic state due to mass travel restrictions imposed lately) – EUR50 is likely to rise further toward the next resistance level 3580.00 (top of the previous medium-term corrective wave (B) from last week).