Technical analysis on EUSTOXX50 for June 26th, 2023.
June 26, 2023 1:25 pm
Yellow rectangle- resistance triple top rejection
Blue line- support trend line
EU50 index tested the blue support trend line once again today by forming new lower lows, but bulls have so far managed to make a come back and push price into positive territory relative to Friday’s close. Recent price action confirms the importance of support by the blue trend line around 4,230. As we mentioned in our previous analysis, EU50 is vulnerable to more downside because of the triple top, but bulls still have hopes as long as price respects the upward sloping trend line.
The material has been provided by InstaForex Company – www.instaforex.com
Yellow rectangle- resistance triple top rejection
Blue line- support trend line
EU50 index tested the blue support trend line once again today by forming new lower lows, but bulls have so far managed to make a come back and push price into positive territory relative to Friday’s close. Recent price action confirms the importance of support by the blue trend line around 4,230. As we mentioned in our previous analysis, EU50 is vulnerable to more downside because of the triple top, but bulls still have hopes as long as price respects the upward sloping trend line.
The material has been provided by InstaForex Company – www.instaforex.com
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