Eurostoxx 50 has rallied nearly 20% in just over a month. Is it time for a pause?
The 5.420–5.450 congestion zone—coinciding with the late-March bearish breakout gap—has, for now, arrested the spectacular up-move that began a few weeks earlier around the 4.600 level. The index is beginning to show signs of short-term weakness and trend exhaustion. The 5.200 and 5.090 marks—first short-term support and the first Fibonacci retracement (which aligns with the 200-day moving average), respectively—are now the key levels to watch. Any pullback that holds above these supports, especially the latter, would likely be interpreted as a healthy oscillator reset ahead of new highs.
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Resistences: 5420-5450, 5500, 5560
Supports: 5300, 5200, 5090, 4990
Targets: (bullish) 5500 (bearish) 5220, 5100, 5000, 4890
Eurostoxx 50 Trend Profile:
- Short term Range-bound with an upward bias.
- Medium term: Bullish.
- Long term: Bullish.
