Euro Stoxx 50 (SX5E) Down 0%, Eyes 20 Day Average; Pin Bar Pattern Appearing on Chart

The Hourly View for SX5E

Last Updated October 8, 2020, 00:06 GMT

At the time of this writing, SX5E’s price is up $2 (0.06%) from the hour prior. SX5E has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on SX5E. Given that we see an uptrend on the 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 20 hour changed directions on SX5E; it is now pointing up. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Euro Stoxx 50 Daily Price Recap

The back and forth price flow continues for Euro Stoxx 50, which started today off at 3229.3501 US dollars, down 0% (0.08) from yesterday. Relative to other instruments in the equity indices asset class, Euro Stoxx 50 ranked 9th since yesterday in terms of percentage price change. The daily price chart of Euro Stoxx 50 below illustrates.

SX5E

Euro Stoxx 50 Technical Analysis

The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to view things another way, note that out of the past 10 days Euro Stoxx 50’s price has gone down 6 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.