European Stocks Rise for Sixth Consecutive Week
According to the Eurostoxx 50 index (Europe 50 on FXOpen) chart:
The index has gained over 6% since early February.
It is now trading at an all-time high.
Factors driving market optimism:
Expectations of a ceasefire in Ukraine.
Trumps decision to delay tariff implementation until April, signalling room for trade negotiations.
Technical Analysis of the Eurostoxx 50 Index (Europe 50 on FXOpen)
Price movements outline an ascending channel (blue), with key observations:
The index remains in the upper half of the channel, reflecting strong demand.
Februarys sharp rally has formed a steeper rising channel (purple).
After breaking above resistance at 5,370, a retest (indicated by an arrow) confirmed this level as support.
With the RSI indicator in overbought territory, a potential pullback is plausibleperhaps as investors look to secure profits before the weekend amid a busy news cycle.
In this scenario, the 5,444 level, where the lower purple trendline intersects the blue channels median, could act as a support zone.
Read more: https://fxopen.com/blog/en/oa-european-stocks-rise-for-sixth-consecutive-week/
Text source: Forex Trading Blog
