• Euro Stoxx 50 broke sideways price range
• Likely to reach resistance level 3865.0
Euro Stoxx 50 index recently broke through the resistance level 3740.00 (which is the upper boundary of the narrow sideways price range inside which the index has been trading from the star of February – as can be seen from the daily Euro Stoxx 50 index chart below). The breakup of this sideways price range continues the active primary upward impulse wave ⑤ – which started at the end of February.
Given the strong uptrend that can be seen on the daily charts – Euro Stoxx 50 is likely to rise further the toward the next powerful resistance level 3865.0 (former multi-month high from February of 2020) – from where the index is likely to correct down.