EUR50 Wave Analysis – 22 August, 2022

• EUR50 falling inside active correction 4

• Likely to fall to support level 3575.00

EUR50 index recently reversed down from the powerful resistance level 3800.00 (which has been reversing the price from the end of April).

The resistance zone near the resistance level 3800.00 was strengthened by the upper daily Bollinger Band and the 50% Fibonacci correction of the downed impulse from February.

EUR50 index can be expected to fall further in the active correction 4 toward the next support level 3575.00 (low of the earlier correction 2 and the target for the completion of the active wave 4).