Euro Stoxx 50 (SX5E) Moves Down For the 2nd Straight Day; Breaks Below 20, 50, 100 and 200 Day Averages

The Hourly View for SX5E

Last Updated October 16, 2020, 00:06 GMT

Currently, SX5E’s price is up $1 (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on SX5E. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 2.44% (79.94) since the day prior, marking the 2nd straight day a decrease has occurred. Relative to other instruments in the equity indices asset class, Euro Stoxx 50 ranked 13th since the day prior in terms of percentage price change. The daily price chart of Euro Stoxx 50 below illustrates.

SX5E

Euro Stoxx 50 Technical Analysis

Notably, Euro Stoxx 50 crossed below its 20, 50, 100 and 200 day moving averages yesterday. For additional context, note that price has gone up 6 out of the past 10 days.