Euro Stoxx 50 (SX5E) Up 1.3%, in an Uptrend Over Past 14 Days; Price Base in Formation Over Past 90 Days

The Hourly View for SX5E

Last Updated November 25, 2020, 01:06 GMT

Currently, SX5E’s price is up $2 (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 choppiness in the recent daily price action of Euro Stoxx 50 continues; to start today, it came in at a price of 3507.98 US dollars, up 1.3% (44.94) since the day prior. 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 day prior. 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 14 day timeframe, which shows price moving up over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For another vantage point, consider that Euro Stoxx 50’s price has gone up 10 of the previous 14 trading days.