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EUROSTOXX 50 Bearish Engulfing Candle Still In Play

  • EUROSTOXX 50 futures have traded sharply lower today and this has exposed the key short-term support at 4015.00, Jun 21 low.
  • A key technical pattern on Jun 18 - bearish engulfing candle - continues to warn of a short-term top in the trend.
  • A break of 4015.00 would reinforce the importance of the engulfing line and signal scope for a deeper pullback potentially below 4000.00 towards 3914.00, May 20 low.
  • Note too that the 50-day EMA intersects at 4014.40 and also represents a key short-term chart point.

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