Euro Stoxx 50 (SX5E) 4 Day Down Streak Ended, Price Base in Formation Over Past 90 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for SX5E

Last Updated October 6, 2020, 00:06 GMT

At the time of this writing, SX5E’s price is up $11.01 (0.34%) from the hour prior. The hourly chart shows that SX5E has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Euro Stoxx 50 Daily Price Recap

The end of a 4 day negative run has come for Euro Stoxx 50, which finished yesterday up 1.16% (36.88). Out of the 14 instruments in the equity indices asset class, Euro Stoxx 50 ended up ranking 9th for the day in terms of price change relative to yesterday. Let’s take a look at the daily price chart of Euro Stoxx 50.

SX5E

Euro Stoxx 50 Technical Analysis

The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 10 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.