Technical analysis

EUR50 Wave Analysis 21 May, 2021

• EUR50 reversed from support level 3900.00

• Likely to rise to resistance level 4050.00

EUR50 index recently reversed up from the pivotal support level 3900.00 (former resistance from March) – intersecting with the 38.2% Fibonacci correction of the upward impulse from February.

The upward reversal from the support level 3900.00 created the daily candlesticks reversal pattern Bullish Engulfing- in line with the active impulse wave 5.

EUR50 index is likely to rise further toward the next resistance level 4050.00 (former multi-month high from April).

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