EUR50 index Wave Analysis 26 January 2024

– EUR50 index under bullish pressure

– Likely to rise to resistance level 4700.00

EUR50 index is under the bullish pressure now after the price broke above the resistance level 4585.00 (which stopped the previous impulse wave 1 at the end of last year).

The breakout of the resistance level 4585.00 follows the earlier upward reversal from the 4465.00 (former major resistance from 2023, acting as support after it was broken recently).

Given the clear weekly and the daily uptrend, EUR50 index can be expected to rise further to the next resistance level 4700.00.