Yellow rectangle- major resistance
EU50 is under pressure today falling below the 4,343 low. Price formed a lower high at 4,402 and got rejected once again at the yellow rectangle area. As we mentioned in previous posts, the yellow rectangle area is confirmed important resistance. The rejection from yesterday has lead to new lower lows. Short-term trend remains vulnerable to a move lower. The RSI is far from oversold levels in the Daily chart. As long as price remains below 4,400-4,420 we remain bearish.
