Technical analysis

EUR50 Wave Analysis – 29 March 2023

• EUR50 broke pivotal resistance level 4200.00

• Likely to rise to resistance level 4300.00

EUR50 index under the bullish pressure after the price broke the pivotal resistance level 4200.00 (former strong support from February).

The breakout of the resistance level 4200.00 accelerated the active short-term upward impulse wave (iii), which belongs to the sharp impulse wave C from December.

Given the strong uptrend, EUR50 index can then be expected to rise further toward the next resistance level 4300.00 (which reversed the two of the previous impulse waves (iii) and (v)).

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