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Euro Stoxx 50, FTSE 100 Outlook: Rally to Challenge Key Resistance

Euro Stoxx 50, FTSE 100 Outlook: Rally to Challenge Key Resistance

Justin McQueen, Strategist

Euro Stoxx 50, FTSE 100 Price Analysis & News

Euro Stoxx 50: Closing the Gap

The Euro Stoxx 50 has made a firm break away from its 50% fib retracement to trade at its highest level since early March. In turn, eyes are for an extension to 3194, which would mark a closing of the early March gap. Alongside this, topside resistance is situated at 3246 (61.8% fib), failure to break could see a return to 3050.

Euro Stoxx 50 Price Chart: Daily Time Frame

Euro Stoxx 50, FTSE 100 Outlook: Rally to Challenge Key Resistance

FTSE 100: Testing Resistance

Upside in the FTSE 100 remains capped at last week’s high (6234), which also coincides with the 50% Fibonacci retracement from the Q1 sell-off. However, given the persistent rally across equity markets, upside risks remain, which in turn could see a test of 6400. That said, near term support resides at 6030-50 keeping the bullish momentum intact, although failure to hold raises the risk of a pullback to 5890 (38.2% fib).

FTSE 100 Price Chart: Daily Time Frame

Euro Stoxx 50, FTSE 100 Outlook: Rally to Challenge Key Resistance

Source: DailyFX

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.