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(U2) Gains Considered Corrective

  • RES 4: 3902.00 High Mar 29
  • RES 3: 3840.00 High Jun 6
  • RES 2: 3667.20 50-day EMA
  • RES 1: 3567.00 High Jun 16
  • PRICE: 3469.00 @ 05:30 BST Jun 21
  • SUP 1: 3384.00 Low Jun 16 and the bear trigger
  • SUP 2: 3300.00 Round number support
  • SUP 3: 3241.70 1.382 proj of the Mar 29 - May 10 - Jun 6 price swing
  • SUP 4: 3189.10 1.50 proj of the Mar 29 - May 10 - Jun 6 price swing

The EUROSTOXX 50 futures primary trend direction remains down and short-term gains are considered corrective. The move lower last week resulted in a breach of key support at 3456.00, May 10 low. This reinforces bearish conditions and signals potential for weakness towards 3300.00. Moving average studies are in a bear mode condition, highlighting current trend conditions. Initial firm resistance is seen at 3667.20, the 50-day EMA.

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