• EUR50 reversed from support zone
• Likely to rise to resistance level 4100.00
EUR50 index recently reversed up from the support zone lying between the pivotal support level 4050.00 (which has been reversing the pair from the middle of last September as can be seen from the daily EUR50 chart below), standing well outside of the lower daily Bollinger Bands. The upward reversal from the support level 4050.00 stopped the earlier intermediate impulse wave (3) from the start of this year.
Given the strength of the support level 4050.00, oversold daily Stochastic and the improving risk sentiment seen across the equity markets today- EUR50 index can be expected to rise further toward the next resistance level 4100.00.