EUR50 Wave Analysis – 7 July, 2022

• EUR50 reversed from support level 3400.00
• Likely to rise to resistance level 3560.00

EUR50 index recently reversed up from the key support level 3400.00 (the previous monthly low from June and March).

The support area near the support level 3400.00 was further strengthened by the lower daily Bollinger Band.

Given the strength of the support level 3400.00 , EUR50 index can be expected to rise further toward the next resistance level 3560.00 (which stopped the previous minor correction (ii)).