Tickmill
Short

EU50 approaching resistance, potential drop!

OANDA:EU50EUR   Europe 50
EU50 is approaching our first resistance at 3167 (ascending overlap resistance, horizontal swing high resistance, 76.4% fibonacci retracement , 61.8% fibonacci extension ) and a strong drop might occur below this level pushing price down to our major support at 3088 (horizontal overlap resistance, 161% fibonacci exteension).
Stochastic (55,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
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This analysis is provided as general market commentary and does not constitute investment advice.
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