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25.09.202314:59 Analisis Forex & Kajian: Major support breakdown in Eurostoxx50 for September 25th, 2023.

Exchange Rates 25.09.2023 analysis

Red lines- trading range

Blue lines- Fibonacci retracement levels

Eurostoxx50 is trading below 4,200. As we mentioned in previous posts, the 4,200 price level was key support. The index tested several times this level but never broke below it. Recent price action confirmed the importance of the 4,200 support level where we also find the 23.6% Fibonacci retracement. Eu50 index not only broke below the 23.6% Fibonacci retracement level, but it has also exited the trading range it was in for the 5 months. Price traded inside the 4,200-4,420 trading range since April. After challenging the 4,200 support for more than 4 times, the index is finally breaking below it. Bears are taking control of the trend. Next target is the 38% Fibonacci retracement.

* Analisis pasaran yang disiarkan di sini adalah bertujuan untuk meningkatkan kesedaran anda, tetapi tidak untuk memberi arahan untuk membuat perdagangan.

Alexandros Yfantis,
Analytical expert of InstaSpot
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