Eurostoxx 50 extended rebound is fading

In the euro zone, Eurogroup finance ministers will meet to discuss the European Commission's recovery plan.

Downtrend 2

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

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