FX.co ★ Eurostoxx50 gets rejected again at 4,400 resistance area.

Yellow rectangle- resistance

Blue lines- Fibonacci retracement levels

EU50 index reached 4,414 and got rejected in this area for the 4th time. Price is now pulling back and the first support/target level is the 38% Fibonacci retracement at 4,330. EU50 has made a major low at 4,197 and bulls must defend this level. Bulls need to form a higher low and strengthen the bullish momentum in order to finally break above the resistance trend line. Recent price action confirms the importance of the resistance area around 4,400. If support at 4,330 is broken, we should then expect price to reach the 61.8% Fibonacci retracement level at 4,280.