Categories: Technical analysis

GER50 Wave Analysis – 15 February, 2022

• GER50 reversed from support zone

• Likely to rise to resistance level 34000.00

GER50 index recently reversed up from the support zone located between the key support level 32120.00 (which stopped wave (C) in January) and the lower daily Bollinger Band.

The upward reversal from this support zone created the daily Hammer reversal signal – which stopped the previous medium-term ABC correction (2).

Given the strength of the aforementioned support zone – GER50 can be expected to rise further toward the next resistance level 34000.00 (top of wave B from the start of February).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

Share
Published by
The FxPro Tech Analysis Team
Tags: GER50

Recent Posts

How Low Can the USDJPY Go? 

USDJPY was slipping below 153 on Friday morning, a three-week low and having lost over…

5 hours ago

Bitcoin’s Downtrend, Solana and Ethereum Form Double Bottom

Market picture  Crypto market capitalisation rose 3.3% in 24 hours to $2.22 trillion. Local capitalisation…

11 hours ago

EURJPY Wave Analysis 2 May 2024

- EURJPY under strong bearish pressure - Likely to fall to support level 163.10 EURJPY…

1 day ago

WTI crude oil Wave Analysis 2 May 2024

- WTI broke round support level 80.00 - Likely to fall to support level 76.00…

1 day ago

ADP hints at another strong NFP on Friday

The monthly ADP labour market report showed that America created 192K new jobs in April, above…

2 days ago

Fed’s hawkish tone risks sinking S&P500 to 4700

Bears showed strength ahead of the FOMC decision.  U.S. indices sagged on Tuesday as investors…

2 days ago

This website uses cookies