France 40 (FR40EUR) Breaks Sideways Move, Reaches Level 5600

France 40 (FR40EUR) Breaks Sideways Move, Reaches Level 5600

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

France 40 (FR40EUR) Long-term Trend: Ranging
FR40EUR index is in an upward move after a sideways trend. The index is currently facing resistance at level 5600. Presently, the price is fluctuating between level 5500 and 5600.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
The index is currently at level 66 of the Relative Strength Index period 14. It is in an uptrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.

France 40 (FR40EUR) Medium-term Trend: Bullish
On the 4- hour chart, France 40 is in an upward move. On December 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that the pair will rise and reverse at level 1.272 Fibonacci extensions or the high of 5614.60.

FR40EUR – 4 hour CHart

4-hour Chart Indicators Reading
France 40 is currently above the 60% range of the daily stochastic. The index is in bullish momentum. The moving averages are still sloping sideways indicating the sideways market.

General Outlook for France 40 (FR40EUR)
The index was earlier in a sideways trend but it is making an upward move. According to the Fibonacci tool, the upward move will reach level 1.272 or level 5614.6.


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Author : Azeez Mustapha

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