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Arrives At The 50-day EMA *RES....>

EUROSTOXX50 TECHS: Arrives At The 50-day EMA
*RES 4: 3269.66 61.8% retracement of the Feb - Mar sell-off
*RES 3: 3200.00 Round number resistance
*RES 2: 3085.06 50.0% retracement of the Feb - Mar sell-off
*RES 1: 2997.95 50-day EMA
*PRICE: 2996.08 @ Close Apr 29
*SUP 1: 2880.72 Low Apr 28
*SUP 2: 2791.34 Low Apr 21 and bear trigger
*SUP 3: 2701.86 Low Apr 6
*SUP 4: 2626.10 Low Apr 2 and key support
EUROSTOXX 50 traded higher yesterday breaching 2956.22, Apr 14 high. The break
higher confirms a resumption of the current uptrend and importantly negates
recent bearish patterns that warned of a possible top. The focus is on the
50-day EMA at 2997.95, that has been probed. Note this average marks a key area
of resistance, a clear break is required to further reinforce the bullish tone
and open 3085.06, a retracement level. Key support is at 2791.34.

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