France 40 (FR40EUR) Is in a Downtrend, May Find Support Above Level 5600

France 40 (FR40EUR) Is in a Downtrend, May Find Support Above Level 5600

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

France 40 (FR40EUR) Long-term Trend: Bearish
FR40EUR index is presently consolidating above level 5600. Since November 2020, the index has been in a sideways move below the resistance level 5720. Each time the index tested the resistance level, the market will fall.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
The index has fallen to level 55 of the Relative Strength Index period 14. The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move.

France 40 (FR40EUR) Medium-term Trend: Bearish
On the 4- hour chart, France 40 is now in a downward move. On the February 9 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair will fall to level 1.618 Fibonacci extensions. That is at the low of 5595.70 low.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
France 40 is currently below the 25% range of the daily stochastic. The index is in a bearish momentum. The moving averages are still sloping upward indicating the uptrend.

General Outlook for France 40 (FR40EUR)
Since November 2020, FR40EUR has been fluctuating between levels 5400 and 5720. The index fell into the present range after rejection at the 5700 resistance. Presently, it is retracing after rejection from level 5700.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.