FX.co ★ Technical analysis on Eurostoxx50 for September 20th, 2023.

Red lines- trading range

Blue lines- Fibonacci retracement levels

Eustoxx50 continues to trade sideways inside the trading range it was in since March of 2023. Price recently tested the lower range boundary at 4,200 for the fifth time. Trend remains neutral as there is no real progress over the last few months. As long as the index holds above 4,200, we prefer to be neutral if not bullish, as the stop level for bulls is very close. Failure to hold above 4,200 will lead the index at least towards the next Fibonacci retracement level at 4,020.