• EUR50 reversed from support area
• Likely to rise to resistance level 4055.00
EUR50 index recently reversed up from the support area located between pivotal support level 0.8710 (former low of the daily Piercing Line from the middle of April), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from March. The upward reversal from this support area started the active intermediate impulse wave (5).
Given the strong multi-month uptrend and the improvement in risk sentiment across the equity markets today – EUR50 index can be expected to rise further toward the next resistance level 4055.00 (top of the previous impulse wave (3) from last month).