Weak Performance in Europe Following a Sharp Drop in Tech Stocks

Euro Stoxx on an Economic Level

Euro Stoxx 50 index futures fell after a slight rebound in Asia, while Wall Street futures stabilized following Tuesday’s sell-off.

Traders are also watching for any developments in U.S.-Iran negotiations, while awaiting Micron’s quarterly earnings results later today for fresh insight into the outlook for the semiconductor sector.

Euro Stoxx from a Technical Perspective

The Euro Stoxx 50 is trading within an ascending wedge on the daily chart, influenced by a bearish divergence in the MACD indicator.

The index is attempting to reach the lower boundary of the wedge near the 6060 level. However, the 6145 support level continues to act as a barrier to a further decline.

Forecasts indicate that if the 6145 level is broken to the downside.

the index is expected to decline toward the 6060 level; if that level is broken and the index closes below it, we expect it to target the 5900 level and then the 5750 level.