EURO50 Wave Analysis – 09 March, 2020

• EURO50 reversed from support area
• Likely to rise to 3135.00

EURO50 today reversed up from the support area lying between the long-term support level 2915.00 (which reversed the price in the middle of 2018) and the lower weekly Bollinger Band.

The upward reversal from this support area stopped the earlier sharp downward correction from February.

Given the oversold reading on the daily Stochastic indicator and the strength of the support level 2915.00 – EURO50 is likely to extend the upward correction to the next resistance level 3135.00 – after which the index might retest the support level 2915.00.