Euro Stoxx 50 (SX5E) Up 0.32%, Nears 20 Day Moving Average; Pin Bar Pattern Appearing on Chart

The Hourly View for SX5E

Last Updated October 7, 2020, 00:06 GMT

At the moment, SX5E’s price is down $-10.01 (-0.31%) from the hour prior. This is the 2nd straight hour SX5E has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them so that price is now turning below it. 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 closed the previous day up 0.32% (10.4); this denotes the 2nd straight day an increase has occurred. Out of the 14 instruments in the equity indices asset class, Euro Stoxx 50 ended up ranking 8th for the day in terms of price change relative to the previous day. Here is a daily price chart of Euro Stoxx 50.

SX5E

Euro Stoxx 50 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 18 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!