• +971(4) 430 6868

  • info@d1stp.com

  • 09:00 - 18:00

  • Sunday to Friday

10 August

By Ahmed Mamdouh

Category: Technical Analysis

 261       57       56             

Euro STOXX 50: What’s next?

The EURO STOXX 50 has succeeded in breaching the main descending trend line shown on the monthly chart, while the movement of the index within the ascending channel stabilizes at 3,484 levels.

With the negative pressure appearing on the RSI momentum indicator, the EURO STOXX 50 will re-test the breached trend line areas and then resume rising towards the upper line of the aforesaid bullish channel.

For the expected upside targets, the first suggested target is at 3,600, which if breached to the upside the index would continue to rise towards 3,800 levels, then 4000 levels and 4200 levels.

Note: Stop loss is by closing the index below levels of the main trend line.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.