Momentum Reversal? Euro Stoxx 50’s Heads Down for the First Time in 3 Days

News Releases Impacting Euro Stoxx 50

  • Forecasted S&P Global Services PMI Final in Euro Area: 50.6.. The previous number: 53.. (4.53% difference between the two.)

The Hourly View for Euro Stoxx 50

  • At the time of this writing, SX5E’s price is up 2 (0.05%) from the hour prior.
  • The hourly chart shows that Euro Stoxx 50 has seen 2 straight up hours.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe.
  • Of note is that the 20 hour changed directions on SX5E; it is now pointing down. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Euro Stoxx 50’s hourly price chart is shown below.

SX5E

The Daily View for Euro Stoxx 50

  • At the time of this writing, SX5E’s price is down -1.48 (-0.04%) from the day prior.
  • This move is a reversal from the day prior, which saw price move up.
  • As for the trend on the daily timeframe, we see the clearest trend on the 20 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Euro Stoxx 50. Given that we see an uptrend on the 20, 10 and 5 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 100 and 50 day changed directions on SX5E; they are now pointing up. The moving averages on the daily 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.

Below is a daily price chart of Euro Stoxx 50.

SX5E