 Hello and welcome to the chart of the week video with myself David Madden market analyst here at CMC markets Today's date is Wednesday the 29th of November and the time has just gone half past 12 p.m UK time and today's chart of the week is going to be the 50 as you call it here at CMC markets the euro 50 Taking a look at the big picture over the last 12 months and has been in a quite a bullish trend I quite a strong start to 2017 The euro 50 was creating a series of higher highs and higher lows It would not to create a record high in May, but then we did see a fairly steady and Second solid decline throughout the summer months But that I came to an abrupt end in August when the market started to push higher and without to create a fresh record high On the first of November now seeing as the market has pulled back in In in in in the middle of November and for the last couple of weeks We have been seeing a bit of a push higher and this could be the beginning of the next What positive leg in the wider upper trend has been in place for the last 12 months? If you take a look at the price action over the last over weeks Where the market was going on to create the record high at the end of the late October early November We can see that the positive momentum on the MACTE Instagram was actually steadily increasing So it was solidifying pressure and it's pushing to the upside and that was shown and the MACTE indicator the MACTE histogram As you saw the market turning over on itself in early November We saw a swing to negative momentum down here I was all steady increase in the negative momentum So the setting pressure was setting pressure the pressure was clearly with the sellers And then what we saw was the market started to grind a bit higher And so the slowly slowly creep higher in in in the middle of the middle of November And what we saw reflected in that firms confirmed by the ever so slightly decline in negative momentum It's actually now we've actually pushed down to its the highest level in over two weeks on the Euro 50 And as she's been replicated by actually a swing to positive momentum on the MACTE indicator So this may be a sign that we were beginning of the next big leg higher on the Euro 50 We're currently trading just north of the fifth day moving average which comes into play around 3600 levels to potentially watch out for to the upside which may act as resistance in around 3626 which would be the area of the mid-october high If you go north of that you could then be looking towards the retest in the all-time high at 3709 and then of course if you go beyond that There'd be a new record territory and the big psychological number to look for beyond that will be 3800 should we see any move to the downside in the Euro 50 we may find support in a 3536 the 100 day moving average because notice how on a couple of occasions in the middle of November It did act as decent support So if it has a track record of acting as support recently it may act as support again in the near future Should be pretty go below that metric the next area to watch out for for potential support will be 3500 and if you go south in 3500 we could be looking to back down towards the september low of 3394 If you are going to trade the Euro 50 be mindful that that tomorrow the Euro zone will release the latest CPI data The inflation figures which could have a large impact on the Euro which in turn may impact the Euro 50 Well, that's all for me far for this week. Thank you for watching and have a good trading week