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MNI DATA FORECASTS: EZ Inflation, US Payrolls In Focus
Arrives At Bear Channel Base
- RES 4: 3282.55 High Oct 19
- RES 3: 3231.80 50-day EMA
- RES 2: 3217.96 High Oct 23 and the near term key resistance
- RES 1: 3135.48 Low Oct 22
- PRICE: 3070.60 @ Close Oct 27
- SUP 1: 3064.10 Bear channel base drawn off the Jul 21 high
- SUP 2: 3054.11 Low June 15
- SUP 3: 3012.50 38.2% retracement of the Mar - Jul uptrend
- SUP 4: 3002.66 Low May 27
A bearish EUROSTOXX 50 session yesterday saw the index extend the recent sell-off. Importantly for bears, price has cleared key support at 3097.67, Sep 25 low. This confirms a resumption of the downtrend that started Jul 21. Note, price has arrived at the base of a bear channel drawn off the Jul 21 high. The base intersects at 3064.10. This is a key support that if breached would reinforce bearish conditions. Key resistance is at 3217.96.
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