France 40 (FR40EUR) Fluctuates Between Levels 5400 and 5700, a Breakdown Likely

France 40 (FR40EUR) Fluctuates Between Levels 5400 and 5700, a Breakdown Likely

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

France 40 (FR40EUR) Long-term Trend: Ranging
FR40EUR index is presently consolidating above level 5600. The price is consolidating above the 21-day SMA for a possible upward move. The index has been trading marginally. Also, the price action is characterized by small body candlesticks which describe the indecision of buyers and sellers.

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 January 15 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.0 Fibonacci extensions. That is at the low of 5433.0 low.

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 a bullish momentum. The moving averages are still sloping upward indicating the uptrend.

General Outlook for France 40 (FR40EUR)
Since November, France 40 has been fluctuating between levels 5400 and 5700. The index fell into the present range after rejection at the 5700 resistance. The index will fall if the support at level 5400 is breached.



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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.