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20.10.202316:06 Forex Analysis & Reviews: Technical analysis on Eurostoxx50 for October 20th, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 20.10.2023 analysis

Blue lines- Fibonacci retracement levels

Red lines- trading range broken

Eustoxx50 made a low today at 4,031, just a few points away from our medium-term target of 4,020. Since the break down below the trading range we called for a move towards the 38% Fibonacci retracement level. Even after the bounce back up towards $4,200, we saw the rejection and repeated our view for expecting a move towards 4,020. Short-term trend remains bearish as price continues making lower lows and lower highs. The 4,020 is important Fibonacci support level. The RSI did not make a new lower low as price did. This is a bullish divergence sign. This is not a reversal signal, but only a warning to bears to be cautious and not overconfident. Price is expected to bounce at least at the beginning of next week as price has reached very important short-term support levels.

Alexandros Yfantis
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