France 40 (FR40EUR) Is in a Downtrend After Rejection from Level 5700

13 January 2021 | Updated: 13 January 2021

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. The index faces rejection at level 5700 and it is falling. The market will fall and find support at level 5300. The price is falling because the RSI has reached the overbought region of the market.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
The index has fallen to level 60 of the Relative Strength Index period 14. FR40EUR is now trading in the overbought region. 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 January 11 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 5571.40 low.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
France 40 is currently below the 70% 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)
France 40 is in a downward move. According to Fibonacci tool analysis, the price will fall to level 5571.40. The market is still characterized by indecisive small body candlesticks.



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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.