France 40 (FR40 EUR) Battles 4600 Resistance, Faces Further Selling Pressure

Updated:

Key Resistance Zones: 5900, 6000, 6100
Key Support Zones: 5400, 5300, 5200

France 40 (FR40EUR) Long-term Trend: Bearish
As of today, France 40 index is still facing resistance at 4600. The market is on a downward move as a result of the resistance at 4600. This will be the second unsuccessful attempt at the resistance. At the first resistance, the market fell to 4123 low. In the second downward move, price may fall to a low of 4200 or 4100. On the upside, if the bulls turn around and break above 4600, the index will reach the high of 5200.

FR40EUR – Daily Chart

 Daily Chart Indicators Reading:

France 40 has fallen to level 48 of the Relative Strength Index. This indicates that the market is in the downtrend zone and below the centerline 50. It also means that FR40EUR may continue its downward move.

France 40 (FR40EUR) Medium-term Trend: Bullish
On the 4- hour chart, the market is making an upward move. However, the upward move is being hindered at the 4600 resistance. Each time price tests the resistance, the market will fall at the support of the trend line. Presently, price is falling to the support of the trend line.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The market is below 80 % range of the daily stochastic. It means that price is in a bearish momentum. FR40EUR is currently on a downward move.

General Outlook for Italy France 40 (FR40EUR)
The index is on a sideways move below 4600 resistance. The resistance has been tested on more two occasions. A break above the resistance will propel the market to be in an upward move.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.