Euro Stoxx 50 (SX5E) Price Near 3191; Price Base in Formation Over Past 30 Days, Moves Down For the 2nd Straight Day, Breaks Below 20 and 50 Day Averages

The Hourly View for SX5E

Last Updated September 21, 2020, 12:57 GMT

At the time of this writing, SX5E’s price is up 7.01 (0.22%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as SX5E has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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

Euro Stoxx 50 is down 0.54% (17.96) since yesterday, marking the 2nd straight day a decline has happened. Out of the 14 instruments in the equity indices asset class, Euro Stoxx 50 ended up ranking 7th for the day in terms of price change relative to yesterday. The daily price chart of Euro Stoxx 50 below illustrates.

SX5E

Euro Stoxx 50 Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Euro Stoxx 50 crossed below its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 7 out of the past 14 days.