Technical analysis

EUR50 Wave Analysis – 6 May, 2022

EUR50 Wave Analysis – 6 May, 2022

• EUR50 broke the support zone
• Likely to fall to support level 3600.00

EUR50 index recently broke the support zone lying between the key support level 3700.00 (which stopped wave (i) at the end of April) and the 50% Fibonacci correction of the upward impulse (1) from March.

The breakout of this support zone accelerated the active impulse wave C of the ABC correction (2) from March.

EUR50 index can be expected to fall further toward the next support level 3600.00 (target for the completion of the active impulse wave (iii)).

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