European Stocks falls📉 - Whats next?

2 באוג׳ 2023

Hi Traders,

the EU50 lost over 3,5% within the last 2 days.
Is this only the first drop before big selloff 📉📉?

Or a normal consildation? Which zones are important?

If we look at the Chart the longterm Uptrend is still valid. So for now it looks like its a normal consolidation.

Important Zones are:
Support: Zone between 4350 and 4300
Resistance: 4500

Also the EMA200 is still moving upwards and the market is right at this zone building a possible reversal (bullish Engulfing).
So there is a possible long trade option.

Wish you maximum success!
Michael - tegasFX