EURO STOXX 50, FTSE 100 PRICE ANALYSIS & NEWS
- Euro Stoxx 50: Closing the Gap
- FTSE 100: Testing Resistance
EURO STOXX 50: CLOSING THE GAP
The Euro Stoxx 50 has made a firm break away from its 50% fib retracement to trade at its highest level since early March. In turn, eyes are for an extension to 3194, which would mark a closing of the early March gap. Alongside this, topside resistance is situated at 3246 (61.8% fib), failure to break could see a return to 3050.
EURO STOXX 50 PRICE CHART: DAILY TIME FRAME
FTSE 100: TESTING RESISTANCE
Upside in the FTSE 100 remains capped at last week’s high (6234), which also coincides with the 50% Fibonacci retracement from the Q1 sell-off. However, given the persistent rally across equity markets, upside risks remain, which in turn could see a test of 6400. That said, near term support resides at 6030-50 keeping the bullish momentum intact, although failure to hold raises the risk of a pullback to 5890 (38.2% fib).
FTSE 100 PRICE CHART: DAILY TIME FRAME