However, bullish momentum quickly faded, and the index dropped back inside the triangle, with the price now breaking below the lower support line of this formation. That suggests we might see a more substantial correction as false breaks from these patterns are usually met with a strong movement in the opposite direction.
The support is now seen near 5,000 EUR, and if not held, the index might drop quickly to 4,930 EUR and possibly to 4,900 EUR.
The most critical support level is seen near 4,860 EUR, and if broken to the downside, the medium-term trend would most likely change back to bearish.
Alternatively, if the index starts rallying again, the resistance zone seems to be at around 5,100 EUR and afterward near 5,225 EUR. Bulls need to conquer this level to push the index back toward the pre coronavirus highs.