EUR50 Wave Analysis 23 December, 2020

• EUR50 reversed from pivotal support level 3440.00

• Likely to rise to 3600.00

EUR50 index recently reversed up with the daily Hammer from the support area lying between the pivotal support level 3440.00 (former multi-month resistance from July), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from November.

The upward reversal from this support area stopped the previous ABC correction ② from the start of December.

Given the predominant uptrend – EUR50 is expected to rise further toward the next resistance level 3600.00 (which stopped the previous corrective wave (B)).