Eurostoxx 50 extended rebound is fading
Nicolas Suiffet June 11, 2020 8:21 AM
In the euro zone, Eurogroup finance ministers will meet to discuss the European Commission's recovery plan.
In the euro zone, Eurogroup finance ministers will meet to discuss the European Commission's recovery plan. While central banks are well on the move all over the world, this crisis also requires appropriate responses from the States.
The current president, Mario Centeno created a surprise on Tuesday when he announced that he would be stepping down next week.
Mario Centeno has chaired since January 2018 the Eurogroup, the meeting of the Finance Ministers of the nineteen Member States of the euro area.
From a chartist’s point of view, the Eurostoxx 50’ extended rebound is fading. Prices fell back within the short term bullish channel. The daily Relative Strength Index (RSI, 14) is reversing down from its overbought territory. Readers may want to consider opening short positions below the resistance at 3395 with 3109 and 3097 as targets. Alternatively, a push above 3395 would call for a new up leg towards 3630.
Source: GAIN Capital, TradingView
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.