EU50 index is trading at 2023 highs. Price has reached this level 3 times before and got rejected two times. Price today formed a marginal new higher high but the index is below its highs and open levels. A rejection at current levels could be a sign of weakness and would imply the increased chances of a pull back towards the blue support trend line at 4,300-4.250. The RSI is very close to providing a new bearish divergence. EU50 is under pressure today, but still one down day can not be seen as a reversal signal. Too soon to tell if EU50 will continue lower towards the support trend line at 4,300.
The material has been provided by InstaForex Company – www.instaforex.com
Yellow rectangle- resistance
Blue line- support trend line
EU50 index is trading at 2023 highs. Price has reached this level 3 times before and got rejected two times. Price today formed a marginal new higher high but the index is below its highs and open levels. A rejection at current levels could be a sign of weakness and would imply the increased chances of a pull back towards the blue support trend line at 4,300-4.250. The RSI is very close to providing a new bearish divergence. EU50 is under pressure today, but still one down day can not be seen as a reversal signal. Too soon to tell if EU50 will continue lower towards the support trend line at 4,300.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: