Munich Re — Harmonic PRZ Cluster Meets Rising VWAP SupportMunchener Ruckversicherungs-Gesellschaft AGXETR_DLY:MUV2pricewerkMunich Re is currently approaching a technically important reaction area on the daily chart after the sharp decline from the previous high near 576 EUR. The relevant support structure is not based on a single harmonic projection. Several overlapping Crab-related projections form a broader Potential Reversal Zone below the current price. This creates a layered support scenario rather than one exact reversal level. Harmonic PRZ Cluster The central reference point of the projected reversal zone is located around 397 EUR. This level represents the technical mean of the Crab cluster, where multiple harmonic projections overlap. The cluster includes a D / BC Crab projection range between 2.24 and 3.618, while the broader support structure also incorporates a CD Crab projection at 2.272. The area around 397 EUR should therefore be viewed as the core of the harmonic PRZ, not necessarily as the only possible turning point. Two Relevant VWAP Support Zones There are two rising VWAP levels below the current price. The first and more relevant VWAP is currently located in the upper part of the harmonic reaction zone, approximately around 420–425 EUR. This creates a strong confluence between: * Rising VWAP support * Upper boundary of the harmonic PRZ * CD Crab completion area * Potential exhaustion after the current corrective decline This upper VWAP confluence is the preferred entry area for a potential long position. A clear bullish reaction, stabilization or reclaim from this zone would provide the first confirmation that buyers are accepting the projected support. The second VWAP support is located significantly lower, around 320–325 EUR. This level becomes relevant only if the upper VWAP and the central Crab cluster fail to hold. It represents a deeper fallback scenario inside the broader harmonic structure and is positioned close to the lower projected XA Crab extension. Expected Scenario The preferred scenario is a continuation of the current correction into the upper VWAP-supported PRZ area, followed by a technical recovery. A reaction from the 420–425 EUR region would offer the most attractive entry structure because price would still be reacting from the upper part of the projected reversal zone. The Crab cluster around 397 EUR remains the central support reference if the correction extends further before forming a durable low. The first upside objective is the 38.2% Fibonacci retracement near 465 EUR. If the recovery develops with sufficient strength, the next targets are: * TP1: 465 EUR * TP2: 507 EUR * TP3: 537 EUR * TP4: 576 EUR Invalidation The bullish pullback scenario becomes weaker if price fails to stabilize around the upper VWAP and continues below the Crab cluster. A sustained move below the deeper VWAP support would increase the probability of a broader structural breakdown. The final invalidation level is located below approximately 301 EUR. Conclusion Munich Re is approaching a layered harmonic support structure with two rising VWAP zones. The upper VWAP near 420–425 EUR provides the preferred entry area because it aligns with the upper harmonic PRZ and offers the strongest initial confluence. The Crab cluster around 397 EUR acts as the technical mean of the broader reversal zone. As long as this support structure remains intact, a recovery toward the first Fibonacci target near 465 EUR remains the preferred scenario.