On the daily chart the price of the index EuroStoxx50 has been growing from the upper limit above the level of 3200.0 (Fibonacci 61.8% to the wave of decline since December 2015). The price is in the middle of the channel below the strong resistance level of 3110.0 (ЕМА144 on the daily chart and Fibonacci 50%). If we compare daily chart of the index EuroStoxx50 and the other European stock indices (CAC40, DAX30, FTSE100), we will see that EuroStoxx50 has growth potential as the other indices have already reached the line of the moving average with the period 144 or they are above this line.
On the daily chart of the index EuroStoxx50 technical indicators OsMA and Stochastic indicate the rise in price.
On 4-hour chart the indicators are reversing towards short positions. Therefore, it is advisable to wait until indicators on the 4-hour chart show buy positions and continue to open long positions with the targets of 3110.0 and 3150.0.
Pending limit orders can be placed from the levels of 3010.0, 2990.0 and 2960.0 with stop-order at 2900.0.
Breakout of the level of 2890.0 (Fibonacci 23.6%) may trigger further decline to the levels of 2830.0 and 2700.0 (lows of 2016).
Support levels: 3010.0, 2960.0, 2890.0 and 2830.0.
Resistance levels: 3110.0 and 3150.0.
Sell Stop: 3025.0. Stop-Loss: 3055.0. Take-Profit: 3010.0, 2960.0, 2890.0, 2830.0, 2800.0 and 2700.0.
Buy Stop: 3065.0. Stop-Loss: 3025.0. Take-Profit: 3110.0, 3150.0 and 3200.0.